Atlantic Coast Financial announce expansion in Florida, branch sale in Georgia.
Global Banking News-November 23, 2015--Atlantic Coast Financial announce expansion in Florida, branch sale in Georgia
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Global Banking News - 23 November 2015
Atlantic Coast Financial Corporation (NASDAQ: ACFC), the Jacksonville, Florida-based holding company for Atlantic Coast Bank, has said that the company plans to expand its presence in Florida by opening commercial banking and mortgage origination offices in Orlando and Tampa.
Additionally, the company said that so as to better align its footprint with long-term strategic goals, it has agreed to sell its branch in Garden City, Georgia, to Queensborough National Bank & Trust Company, headquartered in Louisville, Georgia. The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2016.
Commenting on the move, John K. Stephens, Jr., president and chief executive officer, said: 'As the company executes its growth initiatives, we remain focused on evaluating all strategic alternatives to enhance our long-term trajectory. We believe continued expansion in attractive Florida markets will allow us to build our business, increase our visibility with customers and leverage our infrastructure, and we are excited by the opportunities we see in both Orlando and Tampa.'
Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving north-eastern Florida and south-eastern Georgia markets.
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