Shareholders of BankAtlantic Bancorp, Fort Lauderdale, Fla., this week approved a plan to raise about $15 million through a stock offering for "possible growth" and other purposes.
The class A common stock would not have voting rights, but investors would get at least 110% of any cash dividend paid on the company's existing common stock.
"The bank is well-capitalized," said David Finkelman, senior vice president of corporate communications. "This will simply bring us additional capital for possible growth and other general purposes."
The company expects to sell about one million shares beginning by the end of March. The share price will be determined by market conditions at that time, Mr. Finkelman said.
The $1.8 billion-asset company raised $20 million in a subordinated debenture offering last September. And in November 1993, a total of $24.2 million was raised between the bank and its holding company.
Mr. Finkelman said he would not describe those capital-raising efforts as "a habitual activity" of the company but rather as routine financial management practices. The latest offering could last days or weeks, he added.