STRATEGIC PARTNERS
February 6, 2002
BankAtlantic will remove 349 ATMs in Florida, Alabama and Georgia retail stores because the machines aren't meeting earnings expectations. The Miami Herald reported that the Fort Lauderdale, Fla.-based bank would remove the machines during a six-month period from Wal-Mart, Kmart and Sam's Club stores in the three states.
The newspaper reported that a bank official said the machines were breaking even, but that most customers chose to use debit cards at checkout lanes and get cash back there rather than use the in-store ATMs. The bank had begun the in-store program in 1998 as part of a program to boost fees through a larger ATM network. In the fourth quarter 2000, the bank absorbed a $2.7 million charge for restructuring and asset writedowns related to the ATM cutbacks.
BankAtlantic said it would continue to operate another 400 ATMs in Florida, including bank branches, gas stations and cruise ships, and that it will continue to look for expansion opportuntiies in those areas.
