Atlantic Coast in Fla. Prices $48.3M Offering

By Chris Cumming November 27, 2013, 10:22 a.m. EST 1 Min Read

M&A

Atlantic Coast Picks Regional Bank Veteran as CEO

Atlantic Coast Financial (ACFC) in Jacksonville, Fla., has picked a veteran of Fifth Third Bancorp (FITB) and the former Wachovia to be its new chief executive.

By Chris Cumming

September 10
M&A

Shareholders Reject Atlantic Coast Deal

The proposed sale of Atlantic Coast Financial in Jacksonville, Fla., did not sail with investors. Shareholders rejected Bond Street Holdings' $13.1 million, or $5-per-share, offer on Tuesday.

By Dean Anason

June 11
Community banking

Atlantic Coast in Florida Launches $42 Million Public Offering

Atlantic Coast Financial (ACFC) in Jacksonville, Fla., has launched a $42 million public offering.

By Sarah Todd

November 19
Community banking

Atlantic Coast in Fla. Cut 3Q Loss Amid Exec Shuffle

Atlantic Coast Financial (ACFC) in Jacksonville, Fla., narrowed its losses during a quarter of management upheaval.

By Chris Cumming

October 29

Atlantic Coast Financial Corp. (ACFC) in Jacksonville has priced its public offering at a slight discount to its trading price.

The $716 million-asset company plans to offer shares to the public at $3.75, it said Wednesday, about 2% lower than its Tuesday closing share price of $3.82. Atlantic Coast will sell up to $42 million worth of shares to the public and will give the underwriter, FBR Capital Markets, the option to buy an additional $6.3 million. The $48.3 million offering is set to close Dec. 3.

Atlantic Coast plans to use the money to support its capital ratios. The company is under a 2012 consent order with the Office of the Comptroller of the Currency that requires it to hold a Tier 1 capital ratio of at least 9% and a total risk-based capital ratio of 13%. Those ratios were 4.88% and 10.30% as of Sept. 30, according to the Federal Deposit Insurance Corp.

Atlantic Coast replaced its chief executive and several board members in September, after its shareholders voted down a deal to sell the company to Bond Street Holdings.

Chris Cumming