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BBC Capital Trust II, 8.50% Trust Preferred Securities
Ticker Symbol: BBXT* CUSIP: 05527K207 Exchange: NGM
* NOTE: This security is no longer trading as of 10/23/2012
Security has been Called for: Wednesday, September 12, 2012
From the 8-K report filed with the SEC on 8/13/2012 -- BB&T Corporation has submitted a redemption notice to the property trustee for BBC Capital Trust II, which will result in the redemption of the trust preferred securities identified in the table below on the redemption date specified. This series of trust preferred securities was assumed by BB&T in connection with its acquisition of BankAtlantic from BankAtlantic Bancorp, Inc., which was completed on July 31, 2012. This series is currently callable and the redemption is being undertaken at the option of BB&T. The redemption will be funded by general corporate reserves.
BBC Capital Trust II 8.50% Trust Preferred Securities $55,375,000 05527K207 September 12, 2012 Wilmington Trust Company
The trust preferred securities will be redeemed at a price equal to the liquidation amount of $25 per trust preferred security, plus all accrued and unpaid distributions to the redemption date. ____________
11/01/2011 -- BankAtlantic Bancorp, Inc. (NYSE: BBX) announced today it has signed a definitive agreement to sell its wholly owned subsidiary, BankAtlantic, to BB&T Corporation (NYSE: BBT). In acquiring BankAtlantic, BB&T will acquire approximately $2.1 billion in loans and assume approximately $3.3 billion in deposits. BB&T will pay approximately a $301 million premium plus net asset value of BankAtlantic at close. Additionally, BankAtlantic Bancorp expects to pay all accrued interest to its Trust Preferred Securities holders at the next scheduled payment date subsequent to closing. ____________ February 20, 2009 -- BankAtlantic Bancorp, Inc. announced today that it has elected to defer regularly scheduled interest payments on the Company’s outstanding $294.2 million of junior subordinated debentures relating to its outstanding trust preferred securities. The terms of the Securities and the trust documents allow the Company to defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. During the deferral period, the respective trusts will likewise suspend the declaration and payment of dividends on the trust preferred securities. In light of the current challenging economic environment, the Company has elected to exercise its right to defer payments of interest on its trust preferred junior subordinated debt,” said Alan B. Levan, Chairman and Chief Executive Officer of the Company. “This deferral election, an option that was an important factor in our initial decision to issue these Securities, will allow the Company to preserve liquidity in this environment. Of course, we can end the deferral at any time at our election,” concluded Mr. Levan. During the deferral period, the Company will not pay dividends on or repurchase its common stock. BankAtlantic continues to be a “well capitalized” institution under all regulatory standards, with regulatory capital ratios essentially unchanged since December 2007.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: BBC Capital Trust II, 8.50% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by BankAtlantic Bancorp Inc. (NYSE: BBX) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 3/31/2007 at $25 per share plus accrued and unpaid dividends, maturing 3/31/2032, distributions of 8.50% ($2.125) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the 15th day of the month in which the payment is due. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 8.50% Junior Subordinated Deferrable Interest Debentures due 3/31/2032 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (TFC)
IPO - 2/28/2002 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Market Value $50.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 2100 West Cypress Creek Road, Fort Lauderdale, FL 33309 |
Main Phone Number |
954-940-5000 |
Fax Number |
954-940-5320 |
Investor Relations
Leo Hinkley
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954-940-5320
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Toll Free Phone Number |
800-741-1700 |
CEO - Alan B. Levan |
CFO - Valerie C. Toalson |
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