The Real Deal Miami

Losses shrink at BankAtlantic

October 30, 2008 10:39AM

BankAtlantic Bancorp trimmed third-quarter losses to $6.1 million, or 54 cents per share, an improvement over its $19.4 million loss, or $1.73 a share, in the same quarter of 2007. The $6.1 million loss for the quarter included additional proceeds received from the February 2007 sale of Ryan Beck, a struggling investment banking unit that BankAtlantic Bancorp sold early last year. BankAtlantic Bancorp has taken several steps to strengthen its namesake bank during the financial storm. Its parent company made a $10 million capital contribution to the subsidiary in the third quarter to cover anticipated bad loans, including troubled mortgages.