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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.
June 11 -
Shareholders took a big gamble that Atlantic Coast Financial in Florida can raise enough capital to save itself when they rejected a buyout offer. There are more funds to be had these days, but they are harder to get, experts warn.
June 12 -
High-profile investor Jay Sidhu says he still plans to vote against the sale of Atlantic Coast in Jacksonville even though Bond Street has agreed to pay shareholders $5 a share up front, instead of withholding $2 a share for a year to cover litigation costs.
April 24
The chief executive and three directors of Atlantic Coast Financial (ACFC) are leaving the company after shareholders
G. Thomas Frankland will resign as president, CEO and chairman of the Jacksonville, Fla., company on July 1, Atlantic Coast disclosed in a
On June 11, 55% of Atlantic Coast shares were
In addition to pushing Frankland out, Sidhu and Choudhri may have won an overhaul of Atlantic Coast's board.
Three directors Charles Martin, Forrest Sweat and Thomas Beeckler will not stand for re-election at Atlantic Coast's annual meeting on Aug. 16, the company said in the filing. The candidates nominated to fill the three seats for three-year terms are: John Dolan, former CEO of First Commonwealth Financial Corp. in Pennsylvania; Kevin Champagne, former CEO of Seacoast Financial Services Corp. in Massachusetts; and Dave Bhasin, the CEO of a restaurant-franchising company in Pennsylvania. Sidhu and Choudhri had proposed the three board candidates in February.
Sidhu predicted the shakeup earlier this month, telling American Banker that "in a few weeks we will have will have a reconstituted board and new CEO." He also said that the $749 million-asset bank would soon begin a capital raise.