The name change for Atlantic Federal Savings and Loan Association in Fort Lauderdale became official on Monday, with new signs going up for BankAtlantic.
The new name for the state’s 10th-largest thrift follows a previously announced name change for its majority owner, I.R.E. Financial Corp. in Coral Gables, which is changing its name to BankAtlantic Financial Corp.
The name change also represents an effort to identify with the banking industry and not the thrift industry. Alan B. Levan, BankAtlantic’s chairman and chief executive officer, said the change more accurately depicts the services offered by the thrift, which have expanded beyond traditional home mortgages into home equity and consumer loans, full-service checking and commercial and corporate lending.
“The name change merely reflects an expansion of our business into a number of banking products,” Levan said.
The name change should cause no inconvenience or interruption of service to the thrift’s customers, said N. Mark Wright, BankAtlantic’s president and chief operating officer.
“Checks, deposit slips, passbooks, certificates of deposit and other documents and printed materials remain valid and need not be returned or exchanged,” Wright said. BankAtlantic accounts continue to be insured by the FSLIC for up to $100,000.
Last week, Levan announced that his firm would merge with the thrift in a deal giving the thrift’s shareholders at least 2.5 shares of I.R.E. stock for every share of Atlantic Federal.
Levan will pay less for the thrift’s stock than he had previously agreed to pay if that deal receives the necessary approvals from shareholders and regulatory officials.
Earlier this year, Levan signed an agreement to pay at least $18 a share for the thrift’s remaining stock within 12 months after acquiring control. But in mid-November, Levan said that agreement had been affected by October’s stock market crash, or what he called “present market conditions.”
Levan said the recent merger agreement between the two institutions should give the thrift’s shareholders more than $13 a share for their stock, which is approximately what the stock has been trading for on the NASDAQ National Market System.
Levan said the merger agreement is fair to stockholders on both sides. “By offering the exchange ratio, both the Atlantic and I.R.E. shareholders have an opportunity to profit by the growth of the institution,” Levan said.
BankAtlantic has assets of $2.1 billion, two regional mortgage centers and 49 banking offices in Broward, Palm Beach and Dade counties. Its trading symbol, ASAL, will be unaffected by the name change.
I.R.E.’s trading symbol on the American Stock Exchange will change to BFC on Monday.
