Florida's BankAtlantic Bancorp has changed its mind about spinning off its real estate development unit.
Under pressure from analysts, the Fort Lauderdale-based company said at yearend it was considering offering BankAtlantic Development Corp. to shareholders in the form of a dividend. Analysts had complained that it was hard to predict earnings for the subsidiary, which holds a stake in six construction projects.
But last week, the $3.8 billion-asset company said that plan was no longer being considered because it would have created "potential adverse tax consequences."
The company said it is now looking at other alternatives, including selling a portion of the unit's shares.