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BankAtlantic Board OKs Plan to Spin Off Levitt Business
FORT LAUDERDALE, Fla. -- BankAtlantic Bancorp Inc. (NYSE:BBX - News) said its board has approved a plan to separate the Levitt Corp. real-estate construction and development unit through a tax-free spinoff

The financial-services company said Thursday that the Levitt spinoff will return the company to its "more traditional roots" as a financial services and banking company.

Through the spinoff, Levitt will become a separate, publicly traded company. BankAtlantic said it expects the spinoff to take place in the third or fourth quarter, subject to receipt of a private letter ruling from the Internal Revenue Service and any required regulatory approval.

The Levitt spinoff will include all of the unit's 100%-owned subsidiaries, such as Levitt & Sons, Core Communities and Levitt Commercial. Levitt also will keep its 40% stake in Bluegreen Corp. (NYSE:BXG - News) .

BankAtlantic Bancorp owns BankAtlantic, Levitt Corp., and Ryan Beck & Co.