Atlantic Coast in Florida Launches $42 Million Public Offering

By Sarah Todd November 19, 2013, 4:57 p.m. EST 1 Min Read

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 Files to Raise $46 Million

Atlantic Coast Financial (ACFC) in Jacksonville, Fla., plans to sell $46 million in common stock. The move, disclosed in a Tuesday regulatory filing, follows a tumultuous period for the $743 million-asset company.

By Sarah Todd

September 12
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 (ACFC) in Jacksonville, Fla., has launched a $42 million public offering.

The $744 million-asset company said it plans to use proceeds from the sale to boost capital and support growth in its loan and investment portfolios. Atlantic Coast is operating under a 2012 order from the Office of the Comptroller of the Currency that requires the company to maintain a Tier 1 leverage ratio of at least 9% and a total risk-based capital ratio of at least 13%. Those ratios stood at 4.88% and 10.3%, respectively, as of Sept. 30.

Atlantic Coast tried to sell itself to Bond Street Holdings for $13.1 million earlier this year. The proposed sale was derailed in June by a group of dissident investors led by banker Jay Sidhu, who argued that the offer was too low.

FBR Capital Markets is acting as the book-running manager for the sale. Underwriters will have a 30-day option to buy up to an additional 15% of shares of common stock to cover over-allotments.

Sarah Todd

Deputy Editor, BankThink