Levitt Corporation Launches Newly Created Subsidiary - ``Levitt Commercial''; Names Seth M. Wise As Its President

Business Wire, Sept 5, 2001

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 5, 2001

BankAtlantic Bancorp (NYSE:BBX), Levitt Corporation announced today its newly created wholly owned subsidiary - Levitt Commercial, and the appointment of Seth M. Wise as its President. Levitt Commercial will primarily focus on industrial, office and retail developments.

"We are delighted with the recent launch of Levitt Commercial and are very pleased to have Seth at the helm. Seth has been a key member of our organization for many years and has a proven track record as a seasoned, results oriented professional," said John E. Abdo, President of Levitt Corporation. "Levitt Commercial is a natural progression of the Levitt concept. It compliments our existing business units, provides us with an opportunity to expand our markets, and creates an additional channel to cross sell and cross promote our lines of business within our subsidiaries."

Levitt Commercial will pursue development, re-development, and joint venture opportunities in industrial, office and retail properties located in Florida's predominant markets including Dade, Broward and Palm Beach counties. Levitt Commercial may also develop industrial and commercial projects on existing and future land inventory of Core Communities - Levitt Corporation's master planned community development subsidiary.

Mr. Abdo further commented, "With Levitt Corporation as the point of convergence, Levitt and Sons will continue to expand its residential developments and residential lifestyle communities. Core Communities will continue to grow its award winning community of St. Lucie West, as well as future master-planned suburban communities throughout Florida and the southeastern U.S. Combining these synergies with the additional leverage of Levitt Commercial, we will now be enabled to vertically integrate, expand, and grow in most, if not all, of the largest and fastest growing real estate development sectors."

Prior to his appointment as President of Levitt Commercial, Seth Wise has enjoyed a successful five-year history as Vice President of Levitt Corporation.

Seth Wise commented, "Levitt, as the oldest name in the home building industry, is a household name to millions of people throughout the US. I am extremely proud to share in the history of the Levitt legacy and to be a part of the Levitt family of companies. With the combined energies of Levitt and Sons, Core Communities and Levitt Commercial, and the financial strength of BankAtlantic Bancorp, I believe our opportunities and our potential are boundless."

About Levitt Corporation:

Levitt Corporation, the parent company of Levitt and Sons, and Core Communities, is a wholly owned subsidiary of BankAtlantic. Levitt and Sons: America's oldest homebuilder and first to build planned suburban communities, currently develops single-family homes in its active adult residential developments throughout Florida. Core Communities: Oversees operations at the St. Lucie West, FL development, and develops new master planned community environments in Florida and throughout the southeastern U.S. Master planned community, St. Lucie West, has been ranked as the fastest growing community on Florida's Treasure Coast for the last seven consecutive years. Levitt Corporation is a wholly owned subsidiary of BankAtlantic.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE:BBX) is a diversified financial services holding company and the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck and Co. Through its subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking, and real estate development. BankAtlantic, one of the largest financial institutions headquartered in Florida, provides a comprehensive offering of banking services and products via its broad network of community branches throughout Florida. Ryan, Beck and Co. engages in underwriting, market making, distribution, and trading of equity and debt securities, money management and general securities brokerage, as well as consulting, research and financial advisory services to financial institutions and middle market companies.

Levitt Contact Info:

Levitt Corporation: Tel: (954) 491-2191 Fax: (954) 491- 9217

Levitt and Sons: Tel: (800) 741-5110 Fax: (561) 488-9188

Core Communities and St. Lucie West Dev. Corp.: Tel: (561) 340-3500 Fax: (561) 340-3718

Levitt Commercial: Tel: (954) 585-2900 Fax: (954) 585-2901

For further information, please visit our websites:

Levitt and Sons: http://www.LevittandSons.com

St. Lucie West: http:// www.StLucieWest.com

Core Communities: http://www.CoreCommunities.com

LevittCommercial: http://www.LevittCommercial.com

BankAtlantic: http://www.BankAtlantic.com

Ryan, Beck and Co.: http://www.RyanBeck.com

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announcements directly via email, please access the e-News

banner on the Investor Relations page at

http://www.BankAtlantic.com.

Statements in this release may constitute "forward looking statements" and are made pursuant to the forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting real estate, real estate development, the cyclical nature of real estate operations; issues and timing surrounding land acquisition and development; government regulation; growth management; environmental considerations; geographic concentration; financing and leverage; changes in economic conditions and interest rate fluctuations; increases in raw material and labor costs; future communities and new geographic markets; legal matters; natural risks including weather conditions; the Company and its operations, and other factors detailed in the Company's SEC filings.