Atlantic Coast Financial converts company structure and public offering of USD17.1m stock.
M2 EQUITYBITES-February 4, 2011-Atlantic Coast Financial converts company structure and public offering of USD17.1m stock(C)2011 M2 COMMUNICATIONS http://www.m2.com
Successor to bank holding company Atlantic Coast Federal Corporation, Atlantic Coast Financial Corporation (NASDAQ:ACFC) on Thursday revealed that it completed its conversion to a stock holding company and associated public offering.
The company said that its public stockholders now own the company 100% while its subsidiary Atlantic Coast Bank is 100% owned by the company and added that in the subscription and community offerings 1.7m total common shares were sold besides 68,434 shares to the Atlantic Coast Financial's employee stock ownership plan, all at USD10.00 per share.
Additionally, together with the offering's closure shares of Atlantic Coast Federal's common stock owned by public stockholders were exchanged for 0.1960 shares of the company's common stock and cash paid for fractional shares at the above price. Further, the company now has about 2.6m outstanding shares and a market capitalisation of about USD26.3m
The common shares issued will start trading on the NASDAQ Global Market exchange on 4 February 2011 under the trading symbol "ACFCD" for a period of 20 trading days and will thereafter resume trading under the symbol "ACFC."
Atlantic Coast Financial 's headquarters is now Jacksonville, Florida, it stated.
The acting conversion advisor and marketing agent for the offering was Stifel Nicolaus & Company Incorporated and acting legal counsel was Luse Gorman Pomerenk & Schick PC to Atlantic Coast Federal, Atlantic Coast Federal MHC, the company and Atlantic Coast Bank.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 4, 2011|
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