BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla., Thursday announced pricing for its $25 million rights offering.

The $4.7 billion-asset company said it would sell shares to existing shareholders at $1.50 a share, a 21% discount to the stock's price on June 1, the day before the company announced the rights offering.

At the end of the first quarter BankAtlantic's thrift unit was well-capitalized by regulatory standards.

Yet Alan B. Levan, the company's chairman and chief executive, said in a press release that the company believes "it is prudent to raise additional capital at this time."

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