BankAtlantic Bancorp Inc Completes Sale of BankAtlantic to BB&T Corp; Changes Name To BBX Capital Corp

BankAtlantic Bancorp Inc announced that the Company and BB&T Corp have completed their previously announced transaction in which BB&T acquired BankAtlantic, the Company's wholly owned bank subsidiary. The transaction, originally announced on November 1, 2011, closed on July 31, 2012. Concurrent with the closing, BankAtlantic Bancorp has changed its name to BBX Capital Corp and will remain listed on the New York Stock Exchange and continue to trade under the same ticker symbol BBX. Going forward, BBX Capital anticipates its request to the Federal Reserve to deregister the Company as a savings and loan holding company will be approved. BBX Capital plans to manage the assets it has retained as a result of the transaction and engage in a real estate investment and specialty finance business over time as assets are monetized. BBX Capital anticipates recording an estimated gain on the sale of BankAtlantic of approximately $307 million