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Former CU extends deadline for community offering
WAYCROSS, Ga. (1/21/11)--Atlantic Coast Financial Corp., the proposed holding company for Atlantic Coast Bank, a former credit union, will extend its community offering connected to its reorganization from a two-tier mutual holding company to a stock holding company structure to Jan. 27. The closing of the offering remains subject to final regulatory approval and the company must sell a minimum of 1.7 million shares at $10 per share to consummate the offering. Atlantic Coast Federal Corp. is the current holding company for the bank, a federally chartered and insured stock savings bank that was organized in 1939 as a credit union to serve the employees of the Atlantic Coast Line Railroad. In November 2000, Atlantic Coast FCU converted its charter from a federal credit union to a federal mutual savings association and, in January 2003, Atlantic Coast Federal Corp. was formed as the holding company. The company completed its initial public stock offering in October 2004. Atlantic Coast Bank, with about $893 million in assets, is a community financial institution serving southeastern Georgia and northeastern Florida with 12 branches.


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