Exhibit 99.1

BankAtlantic Bancorp Reports Financial Results

For the First Quarter, 2012

FORT LAUDERDALE, Florida – May 1, 2012 — BankAtlantic Bancorp, Inc. (NYSE: BBX) today reported financial results for the quarter ending March 31, 2012.

BankAtlantic Bancorp – Results of Operations

BankAtlantic Bancorp, Inc. (the “Company”) today reported a net loss of ($14.2) million, or ($0.91) per diluted share, for the quarter ended March 31, 2012, versus a net loss of ($22.9) million, or ($1.85) per diluted share, for the quarter ended March 31, 2011.

The Company reported a net loss from continuing operations¹ of ($13.2) million, or ($0.84) per diluted share, for the quarter ended March 31, 2012, versus a net loss from continuing operations of ($14.6) million, or ($1.19) per diluted share, for the quarter ended March 31, 2011.

Highlights of the BankAtlantic Operating Segment

BankAtlantic – Results of Operations:

BankAtlantic reported a net loss of ($5.0) million for the quarter ended March 31, 2012, versus a net loss of ($16.4) million for the quarter ended March 31, 2011.

BankAtlantic – Capital:

At March 31, 2012, BankAtlantic’s capital ratios were:

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BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “BankAtlantic’s March 31, 2012 Tier 1 capital ratio of 7.72% was less than its 8.22% ratio at December 31, 2011 due primarily to growth of $172.6 million in total assets during the first quarter of 2012 as a direct result of an inflow of deposits that we believe are associated with seasonal deposit trends and favorable customer response to the announced BB&T transaction. Total deposits grew $179.6 million during the first quarter of 2012. The funds received from these deposits increased cash balances, which grew $338.8 million during the first quarter of 2012, to $1.1 billion in cash as of March 31, 2012.

“BankAtlantic’s historical capital ratios were:

“BankAtlantic’s regulatory capital requirements increased to 8.0% for Tier 1 and 14.0% for Total Risk-Based as of June 30, 2011. In light of the previously announced pending sale of BankAtlantic to BB&T, we believed it was appropriate to accept our strong inflow of deposits and keep the funds in cash, even though as a result, our Tier 1 capital ratio fell slightly below the regulatory requirement. We do not believe this shortfall creates a significant issue for BankAtlantic; if we did, we would have reduced our balance sheet or brought in additional capital accordingly.

BankAtlantic – Credit:

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BankAtlantic Bancorp (Parent Company level):

“As previously announced, on March 13, 2012, BankAtlantic Bancorp and BB&T Corporation entered into an amendment to their November 1, 2011 Stock Purchase Agreement providing for the sale of BankAtlantic to BB&T. Pursuant to the Agreement as amended, BankAtlantic Bancorp will sell BankAtlantic to BB&T and BB&T will assume all of Bancorp’s obligations following the closing with respect to approximately $285 million of outstanding Trust Preferred securities (“TruPs”). Under the amended Agreement, prior to the sale of the Bank, the Bank will distribute to the Company membership interests in two limited liability

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companies which will hold certain assets currently held by BankAtlantic. See the Form 8-K filed by the Company on March 16, 2012 detailing the terms and conditions of the amended Agreement, the assets to be held by the limited liability companies and the transfer of membership interests in one of these entities to BB&T following its assumption of the TruPs.

“The closing of the transaction with BB&T is subject to the receipt of required regulatory approvals and other customary conditions, and is anticipated to occur in the second quarter of 2012.

“In connection with the closing of the transaction with BB&T, BankAtlantic Bancorp has requested from the Federal Reserve decertification as a savings and loan holding company. Post closing, the Company expects to remain listed on the New York Stock Exchange, and plans to manage the assets it retains after the transaction and engage in a real estate investment and specialty finance business over time as assets are monetized,” concluded Mr. Levan.

BankAtlantic Bancorp’s First Quarter 2012 Supplemental Financials are available at www.BankAtlanticBancorp.com. To view the financial data, access the “Investor Relations” section and click on the “Quarterly Financials” or “Supplemental Financials” navigation links. More complete information relating to BankAtlantic Bancorp and its financial results will be detailed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, which is anticipated to be filed with the Securities and Exchange Commission (the “SEC”) by May 15, 2012 and once filed, will be available to view on the SEC’s website, www.sec.gov, or on BankAtlantic Bancorp’s website, www.BankAtlanticBancorp.com.

Basis of Financial Statement Presentation

As part of the Agreement to sell BankAtlantic to BB&T, the Company will retain certain performing and non-performing loans and tax certificates, real estate owned and related reserves as well as previously written off assets. These net assets (excluding related cash that is anticipated be received by the Company pursuant to the Agreement) were recorded on the balance sheet of BankAtlantic at approximately $516.9 million as of March 31, 2012. Approximately $376.5 million of these net assets will be placed in a special purpose entity (Florida Asset Resolution Group, LLC (“FAR”)). The FAR assets are expected to be monetized

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over a seven year period with the net proceeds applied 95% for the repayment of BB&T’s preferred interest in FAR and 5% of the net proceeds to the Company. Upon consummation of the transaction, the Company will have a controlling financial interest in FAR, and FAR will therefore be consolidated in the Company’s Consolidated Financial Statements.

As a consequence of the transaction , the Company presented the assets and liabilities anticipated to be transferred to BB&T as “Assets held for sale” and “Liabilities held for sale” in its unaudited Consolidated Statement of Financial Condition as of March 31, 2012. The majority of cash and interest bearing deposits in other banks will transfer to BB&T upon closing of the transaction; however, this cash is not presented as “Assets held for sale” as of March 31, 2012. The assets and liabilities held for sale at March 31, 2012 are included in the Company’s unaudited Consolidated Statement of Financial Condition as of March 31, 2011 based on historical presentation.

Additionally, as a result of the transaction, BankAtlantic’s community banking, investment, capital services and tax certificate components are reflected as “Discontinued Operations” in the Company’s unaudited Consolidated Statement of Operations for all periods presented. The Company will continue to operate BankAtlantic’s commercial lending component resulting in the inclusion of its results of operations in the Company’s unaudited Consolidated Statement of Operations for all periods presented. Certain assets included in the discontinued components will be reflected on Bancorp’s balance sheet subsequent to closing of the transaction (approximately $146.3 million of loans, tax certificates and real estate owned as of March 31, 2012), and certain assets (including a significant amount of earning assets) included in the commercial lending continuing component will be sold to BB&T as part of the sale of BankAtlantic. Additionally, Continuing Operations as reported herein includes all general corporate overhead costs of BankAtlantic. Accordingly, the results of Continuing Operations as presented herein will not be reflective of the ongoing results of Continuing Operations of Bancorp subsequent to the closing of the transaction.

Basis of Financial Statement Presentation – BankAtlantic:

The financial results for the Company’s BankAtlantic Operating Segment, as presented herein and in the referenced supplemental financial information available on the Company’s investor relations website, represent the financial information of the subsidiary financial

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institution in its entirety for all periods presented. Held for sale and discontinued operations presentation as discussed above are only incorporated at the Consolidated BankAtlantic Bancorp level of presentation, and not at the BankAtlantic operating segment level.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.

About BankAtlantic:

BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently Located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.

For further information, please visit our websites:

www.BankAtlanticBancorp.com

www.BankAtlantic.com

BankAtlantic Bancorp, Inc. Contact Info:

Leo Hinkley, Investor and Corporate Communications Officer: 954- 940-5300

InvestorRelations@BankAtlanticBancorp.com

Sharon Lyn, V.P., Investor and Corporate Communications: 954-940-6383

CorpComm@BankAtlanticBancorp.com

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This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of similar import. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management.

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These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and BankAtlantic and their operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, BankAtlantic’s regulatory capital ratios, the ability of our borrowers to service their obligations and of our customers to maintain account balances and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact of the economy and real estate market values on our assets and the credit quality of our loans (including those held in the asset workout subsidiary of the Company); the risk that loan losses will continue and the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; the impact of and expenses associated with litigation including but not limited to litigation relating to overdraft fees and litigation brought by the SEC; risks associated with required capital levels and that failing to comply with regulatory mandates will result in the imposition of additional regulatory requirements and/or fines; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the bank’s net interest margin; adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities and our ability to raise capital; and the risks associated with the impact of periodic valuation testing of goodwill, deferred tax assets and other assets. Past performance and perceived trends may not be indicative of future results. In addition, this press release contains forward looking statements relating to the agreement to sell BankAtlantic to BB&T that involve a number of risks and uncertainties including, but not limited to, the following: that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all; that BankAtlantic Bancorp’s and/or BankAtlantic’s business or net asset values may be negatively affected by the pendency of the proposed transaction or otherwise; that regulatory approvals may not be received; that the transaction may not be as advantageous to BankAtlantic Bancorp as expected; that BankAtlantic Bancorp’s shareholders may not realize the anticipated benefits; that BankAtlantic Bancorp’s future business plans may not be realized as anticipated, if at all; that the Company’s Class A Common Stock may not meet the requirements for continued listing on the NYSE; and that the assets retained by BankAtlantic Bancorp or held by the LLC’s may not be monetized at the values currently ascribed to them. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company cautions that the foregoing factors are not exclusive.

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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION—UNAUDITED

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BANKATLANTIC BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS—UNAUDITED

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BankAtlantic (Bank Operations Business Segment)

Condensed Statements of Financial Condition (unaudited)

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BankAtlantic (Bank Operations Business Segment)

Condensed Statements of Operations (unaudited)

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