Press Release: BankAtlantic Bancorp
April 12, 2002
FORT LAUDERDALE, FL -- Levitt Companies, a subsidiary of BankAtlantic Bancorp, Inc. (NYSE: BBX), announced yesterday
that it has acquired a 40% interest in the outstanding Common Stock of Bluegreen Corporation (NYSE: BXG). The transaction
totals approximately $57 million. Levitt Companies is the parent company of 73-year-old homebuilder Levitt and
Sons. Levitt Companies is also the parent of Core Communities and Levitt Commercial.
As part of the transaction, selling Bluegreen shareholders having representatives on Bluegreen's Board of Directors,
asked their representatives to resign from the Board in connection with the sale of their shares to Levitt Companies.
The acquisition is not expected to result in the creation of any goodwill. Based on the current profitability levels
of Bluegreen, it should be immediately accretive to BankAtlantic Bancorp earnings.
``Bluegreen Corporation has a strong, well-established management team and has a solid, strategic position in its
market sector,'' commented John E. Abdo, President of Levitt Companies. ``Bluegreen is a marketer of vacation and
residential lifestyle choices through its resorts and residential land and golf businesses, and we are very pleased
to be a part of Bluegreen's future success and growth.''
About Levitt Companies:
Levitt Companies, a subsidiary of BankAtlantic Bancorp, is the parent company of Levitt and Sons, Core Communities
and Levitt Commercial.
Levitt and Sons, founded in 1929, is America's oldest homebuilder and first to build planned suburban communities. Levitt and Sons currently develops single- family homes in its active adult residential developments throughout Florida. During its history, Levitt and Sons has built in excess of 200,000 homes. Core Communities develops master-planned communities in Florida, including its original and best-known, St. Lucie West -- a 4,600-acre community with 4,000 homes built and occupied, 150 businesses employing 5,000 people and a university campus. New master-planned developments include Westchester, now under development on Florida's Treasure Coast in St. Lucie County, features 5,600 residences, a commercial town center and the area's first world-class corporate park. Live Oak Preserve is a new 1,285-acre master-planned, gated community in development in the rapidly growing Tampa Bay Region. Levitt Commercial specializes in development, re-development, and joint venture opportunities in industrial and retail properties.
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services holding company and the parent company of BankAtlantic, Levitt Companies, and Ryan, Beck & Co., LLC. Through its subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking, and real estate development.
For further information, please visit our websites:
www.BankAtlantic.com www.LevittandSons.com
www.CoreCommunities.com www.StLucieWest.com
www.LevittCommercial.com www.RyanBeck.com
If you would like to receive future news releases or announcements directly via email, please access the e-News banner on the Investor Relations page at www.BankAtlantic.com.
BankAtlantic Bancorp and Levitt Companies Contact Info:
Investor Relations: Leo Hinkley, Tel: (954) 760-5317,
Fax: (954) 760-5415, or InvestorRelations@BankAtlantic.com.
Corporate Communications and Media Relations: Sharon Lyn,
Tel: (954) 760-5402 or CorpComm@BankAtlantic.com.
Public Relations: Boardroom Communications, Tel: (954) 370-8999
Fran Schwartz: fschwartz@boardroompr.com,
Alison Steinberg: alison@boardroompr.com.
About Bluegreen Corporation:
Bluegreen Corporation (NYSE: BXG) is a marketer of vacation and residential lifestyle choices through its resorts
and residential land and golf businesses. The Company's resorts are located in a variety of popular drive-to vacation
destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston,
South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; and
Surfside, Florida, as well as Aruba. Its land operations are predominantly located in the Southeastern and Southwestern
United States. For further information, please visit www.bluegreen-corp.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the ``Securities Act''), and Section 21E of the Securities Exchange Act of 1934, as amended
(the ``Exchange Act''), that involve substantial risks and uncertainties. When used in this press release, the
words ``anticipate,'' ``believe,'' ``estimate,'' ``may,'' ``intend,'' ``expect'' and similar expressions identify
certain of such forward- looking statements. Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the forward- looking statements contained herein. These forward-looking
statements are based largely on the expectations of Levitt Companies and BankAtlantic Bancorp, Inc. (``the Company''),
and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in
many instances, beyond the Company's control, including but not limited to the valuation of the investment in Bluegreen
in respect of purchase accounting goodwill, the prospect of accretion to the earnings of BankAtlantic Bancorp,
the anticipated accounting treatment of the investment, the future profitability levels of Bluegreen and BankAtlantic
Bancorp, and risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission
(``SEC'').
SOURCE: BankAtlantic Bancorp