Jones Lang LaSalle

Bank will spin off Ryan Beck in IPO
BY ELIZABETH HESTER BLOOMBERG NEWS

Ryan Beck & Co., a 50-year-old securities firm with offices in 14 states, said it filed to raise $100 million in the second initial stock sale to the public by a Wall Street investment bank this year.
Ryan Beck, a Florham Park-based unit of BankAtlantic Bancorp, plans to sell an undisclosed number of shares, according to a filing Monday with the Securities and Exchange Commission.
BankAtlantic bought Ryan Beck in 1998 for about $40 million in stock, BankAtlantic chief executive Alan B. Levan said.

"Market conditions are attractive for investment banking broker-dealer stocks," Levan said in an interview. "It's a concept that works for both Ryan Beck and BankAtlantic."

Ryan Beck will use part of the proceeds to pay a special dividend to parent BankAtlantic, a Fort Lauderdale, Fla.-based savings-bank holding company, and the rest to pay for growth.

BankAtlantic will continue to own a "substantial interest" in Ryan Beck after the share sale, the company said.

Ryan Beck had $18.2 billion in assets under management as of Dec. 31, 2005, according to the filing.

Ryan Beck said it provides services to individuals, institutions and corporate clients through 43 offices in 14 states.

The company expects Ryan Beck chief executive Ben Plotkin to remain in his position, Levan said.

JPMorgan Chase & Co. and Ryan Beck & Co. are underwriting the IPO.
Ryan Beck filed to trade under the ticker RBCO on the Nasdaq market.