Hey Fools. This bank was started by Alan B. Levan, famous in Miami?S. florida for his International Bullion Exchange rip off-albeit he was cleared of all charges.(Rumor Rumor Rumor At early meetings shills would stand up and ask prearrainged questions to Senior Levan)After BANC got BBX on the NYSE he started to pay BANC dividends in BBX stock. In 97 he diluted the stock by issueing a couple of million moree shares (duh next the directors received share bonuses). Started buying everything in sight and expanding.All the stock holders were happy though, because the staock at that timer was trading above 16 (Both BBX and BANC). At the annual meetings he had his charts and fancy displays demonstrating that if you had invested 10k in the begining you would now have like 450K!!! Mom and Dad would come to the meetings with other shills.Stock tanked. Hasn't been any dividends since. Now proxies are here to Keep all present directors (Including 25 year old Jarrett S. Levan. Nepotism or just a young man brilliant in banking at a young age?)Oh, the present Bourd also recomends a restricted stock incentive plan, a executive incentive plan and a 1999 stock option plan. Hmmmm
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