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."
