SOURCE: BFC Financial Corporation; BBX Capital Corporation

September 06, 2012 13:05 ET

BFC Financial Corporation and BBX Capital No Longer Regulated as Savings and Loan Holding Companies by the Federal Reserve

FORT LAUDERDALE, FL--(Marketwire - Sep 6, 2012) -  BFC Financial Corporation ("BFC") (OTCQB: BFCF) and BBX Capital Corporation ("BBX Capital") (NYSE: BBX) jointly announced today that they have received formal notification from the Federal Reserve that they have been released from registration as "Savings and Loan Holding Companies."

BBX Capital (formerly BankAtlantic Bancorp) and BFC were regulated as Savings and Loan Holding Companies based on their direct and indirect ownership of BankAtlantic. On July 31, 2012, BBX Capital sold BankAtlantic, its wholly-owned financial institution, to BB&T, and as a result, both BFC and BBX Capital requested to be deregistered as Savings and Loan Holding Companies. 

Since BFC and BBX Capital no longer directly or indirectly control a financial institution, the Federal Reserve released the companies from registration effective August 31, 2012. As a consequence, BFC and BBX Capital will no longer be regulated by the Federal Reserve or be subject to the restrictions applicable to financial institution holding companies.

About BFC Financial Corporation: BFC is a holding company whose principal holdings include controlling interests in Bluegreen Corporation (NYSE: BXG) and BBX Capital Corporation (NYSE: BBX). As of June 30, 2012, BFC had total consolidated assets of approximately $4.9 billion, shareholders' equity attributable to BFC of approximately $149.1 million, and total consolidated equity of approximately $209.3 million. As a result of BFC's ownership interest of approximately 53% in BBX Capital, BFC expects to record a gain in connection with the BankAtlantic and BB&T transaction of approximately $163 million in the third quarter of 2012, subject to adjustment based on final post-closing reconciliation procedures in accordance with the terms of the agreement. 

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About BBX Capital Corporation: BBX Capital manages the assets retained following the sale of BankAtlantic and intends to become more actively engaged in real estate and financial ventures over time as assets are monetized. BBX Capital Corporation, formerly BankAtlantic Bancorp, Inc., sold its wholly-owned financial institution to BB&T on July 31, 2012. As a result of such sale, BBX Capital anticipates recording a gain in the third quarter of 2012 of approximately $307 million related to the sale transaction, subject to adjustment based on final post-closing reconciliation procedures in accordance with the terms of the agreement1.

For further information please visit our website:

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. The forward looking statements in this press release are also 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"), and involve substantial risks and uncertainties. These risks and uncertainties include, but are not limited to that the gain recognized by BBX Capital following the transaction and/or the gain recognized by BFC may not be as anticipated or estimated. The reader should not place undue reliance on any forward-looking statements, estimates or assumptions, which speaks only as of the date made. More complete information relating to BFC and BBX Capital, including the risks and uncertainties relating to their respective businesses, is detailed in reports filed separately by each of these companies with the SEC, and may be viewed on the SEC's website,, including BFC's Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended December 31, 2011, and BFC's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, as well as BankAtlantic Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011, and BBX Capital's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.

1 See BBX Capital Corporation's Form 10-Q for the quarterly period ended June 30, 2012 for additional information regarding the Basis of Financial Statement Presentation and the sale of BankAtlantic.

Contact Information

  • BFC and BBX Capital Contact Info:
    Leo Hinkley
    Sharon Lyn