Another bank has decided to withdraw its application for TARP funding following a successful stock offering.
BankAtlantic Bancorp said it had completed a previously announced rights offering, a device that allows current shareholders to buy additional shares at a set price within a predetermined time period.
In a statement, the bank said the offering had raised $76 million in capital, which will be used for "general corporate purposes."
"We are pleased with the results of the offering and are grateful to our shareholders for their continued support," said Alan B. Levan, BankAtlantic's chief executive officer.
The bank also said that it was withdrawing its application for bailout funding under the Troubled Asset Relief Program. In recent months, as the economy and banking market have stabilized, a number of banks have acted similarly, citing concerns about regulatory restrictions on executive pay imposed on participating banks.
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