BankAtlantic Bancorp has announced that its class A common stock will begin trading on the New York Stock Exchange on Aug. 20 under the symbol BBX. Currently, the stock trades on the Nasdaq National Market under the ticker BANCA.
"We are confident that this NYSE listing will increase the company's potential investor base, provide greater liquidity for individual and institutional investors, and establish a more efficient trading market for our common stock," said Alan B. Levan, chairman and chief executive.
BankAtlantic's class B common stock will remain listed and traded on the Nasdaq National Market under its existing trading symbol, BANC.
Also, BankAtlantic directors approved a five-for-four common stock split in the form of a 25% common stock dividend, payable Aug. 1 to shareholders of record. The dividend will be payable in class A shares to shareholders of both classes.
BankAtlantic Bancorp is the parent of BankAtlantic, which has assets of $2.7 billion and is Florida's second-largest independent bank.