What happened to the symbol here?

This stock is the epitome of slow and steady.

Marker:
Atlantic Coast Finan (ACFC)
$10.14 up 0.24 (2.42%)
Volume: 107,794

Marker:
Atlantic Coast Finan (ACFC)
$8.65 up 0.04 (0.46%)
Volume: 4,287

Marker:
Atlantic Coast Finan (ACFC)
$7.60 down -0.08 (-1.04%)
Volume: 7,644

Nice

ooops

Alright, I put in a small test order to see how it reacts. May add more as the day goes on.

Well now I'm concerned, it broke support today. And was all ready to load up today

Marker:
Atlantic Coast Finan (ACFC)
$5.91 down -0.18 (-2.96%)
Volume: 23,864

Excuse me! Who was in charge of notifying me when this hit $5.80 last week? I thought I made it very clear that $5.80 was my re-entry point. Someone is not doing there job around here!

I have got to remember to buy this back in the $5.80's

Is it getting ready to pull back 10%?

The Office of the Comptroller of the Currency Lifts Its Consent Order against Atlantic Coast Bank (3/31/15)

JACKSONVILLE, Fla., Mar 31, 2015 (BUSINESS WIRE) -- Atlantic Coast Financial Corporation (the "Company,"), the holding company for Atlantic Coast Bank (the "Bank"), today announced that The Office of the Comptroller of the Currency (the "OCC"), Department of the Treasury, has terminated the Consent Order (the "Order") against the Bank, which was originally issued on August 10, 2012, finding that the Bank has attained compliance with the Order. Simultaneously, the OCC has reclassified the Bank as a "well-capitalized" institution, removing the "troubled-condition" designation.

Commenting on the announcement, John K. Stephens, President and Chief Executive Officer of the Company and the Bank, said, "We are pleased to announce that Atlantic Coast Bank has complied fully with the requests made by the OCC and is now recognized as a well-capitalized institution. This action is the culmination of a journey that began almost two years ago, one that involved diligent and tireless efforts by our Board of Directors and management team and which was highlighted by our successful capital raise in December 2013.

"No longer subject to the business and other restrictions that come with a troubled-condition designation, the Bank now has the liberty to explore additional avenues for expansion, including those related to our product offerings, additional lines of business and new markets," Stephens continued. "It also frees us from pricing and structural restrictions on our deposit offerings. In summary and most importantly, this action gives us the institutional freedom to pursue strategic alternatives that are in the best interests of the Company and our stockholders. I'd like to thank all those within our organization who have worked so hard towards this accomplishment as together we help build the premier community bank in our markets."

About the Company

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 Northeast Florida and Southeast Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Relations.

http://www.marketwatch.com/story/the-office-of-the-comptroller-of-the-currency-lifts-its-consent-order-against-atlantic-coast-bank-2015-03-31

Atlantic Coast Financial Corporation Announces Profit for Fourth Quarter and Full Year 2014 (2/02/15)

Atlantic Coast Bank Expects Its Solid Loan Growth for 2014 to Continue in the Coming Year

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company")(NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported earnings per share of $0.03 and $0.09 for the fourth quarter and for the year ended December 31, 2014, respectively.

Commenting on the fourth quarter and the full year of 2014, John K. Stephens, Jr., President and Chief Executive Officer, said, "We are very pleased to have concluded 2014 with a solid performance in many key areas of our business. One of the most attractive signs of our stronger operational platform, following our successful recapitalization in December 2013, was the renewed expansion of our loan portfolio, which grew progressively throughout the year to end 2014 with an increase of 24%. This growth, together with an ongoing improvement in credit quality and a firming net interest margin, was integral to the Company's return to profitability in 2014, as Atlantic Coast reported earnings in each quarter. We believe these results and our success in meeting our operational and growth objectives demonstrate that Atlantic Coast remains firmly on a path to become the premier community bank in our market, an objective grounded by motivated and highly engaged employees, superior product offerings, and increased community involvement. With an attractive lending pipeline at year's end and other exciting opportunities for revenue growth ahead, we believe we are well positioned to extend into 2015 the success we have achieved during the past year."

Significant highlights of the fourth quarter of 2014 and the full year included:

• Net income improved to $0.4 million or $0.03 per diluted share for the quarter ended December 31, 2014, from a net loss of $6.9 million or $1.05 per diluted share for the year-earlier quarter. Excluding a loss associated with a December 2013 bulk sale of a significant portion of the Company's non-performing assets, the adjusted net loss for the fourth quarter of 2013 was $0.8 million or $0.12 per diluted share (adjusted net loss and adjusted loss per diluted share are non-GAAP financial measures; see reconciliation of GAAP to non-GAAP financial measures at page 6 in this release).

• Net income improved to $1.3 million or $0.09 per diluted share for the year ended December 31, 2014, versus a net loss of $11.4 million or $3.23 per diluted share for 2013. Excluding costs associated with a proposed merger that stockholders rejected in June 2013, along with the aforementioned loss on the bulk sale of non-performing assets, the adjusted net loss for 2013 was $4.0 million or $1.13 per diluted share.

• Total loans (including portfolio loans, held-for-sale loans, and warehouse loans) increased to $488.1 million at December 31, 2014, and $394.1 million at December 31, 2013.

• Nonperforming assets decreased 3% to $8.4 million or 1.20% of total assets at December 31, 2014, from $8.6 million or 1.17% of total assets at December 31, 2013.

• Total assets declined to $706.5 million at December 31, 2014, compared with $733.6 million at December 31, 2013, primarily due to a planned reduction in higher cost certificates of deposit. Wholesale borrowings also were lower at the end of 2014.

• The Company's ratios of Tier 1 (core) capital to adjusted total assets and total risk-based capital to risk-weighted assets were 10.35% and 17.64%, respectively, and each ratio continued to exceed the levels – 9% and 13%, respectively – required by the Bank's Consent Order (the "Order") entered into with the Office of the Comptroller of the Currency (the "OCC") effective August 10, 2012.

Stephens added, "This was another strong quarter for Atlantic Coast, as interest income reached the highest level of the year despite an unrelenting low interest rate environment. In spite of these conditions, we were able to steadily expand our net interest margin in each quarter of 2014. Based on an outlook for ongoing growth in revenue, and with appropriate measures in place to control expenses, I believe we are poised for continued success in 2015."

[tables deleted]

The decrease in total risk-based capital to risk-weighted assets and Tier 1 (core) risk-based capital to risk-weighted assets as of December 31, 2014, compared with those at December 31, 2013, was primarily due to an increase in risk-weighted assets as the Bank continued to shift its asset base to higher interest-earning loans with higher risk weighting, partially offset by an increase in the fair value of investment securities, which had a positive impact on equity and, therefore, on the capital ratios through accumulated other comprehensive income. The increase in Tier 1 (core) capital to adjusted total assets as of December 31, 2014, compared with those at December 31, 2013, was primarily due to a decrease in adjusted total assets, and an increase in the fair value of investment securities, which had a positive impact on equity and, therefore, on the capital ratio through accumulated other comprehensive income.

Overall, the Company has continued to see steady credit quality during the past 12 months as the pace of loans being reclassified to nonperforming and other real estate owned ("OREO") has stabilized. Nonperforming assets declined slightly at December 31, 2014, compared with December 31, 2013, as the disposition of OREO during 2014 exceeded increases in nonperforming loans and transfers to OREO during the same period.

The decline in the provision for portfolio loan losses in the fourth quarter and full year 2014 compared with the fourth quarter and full year 2013 reflected improving economic conditions, which have led to a decline in net charge-offs over the past 12 months, including a decline in early-stage delinquencies of one- to four-family residential and home equity loans. The increase in the allowance for portfolio loan losses at December 31, 2014, compared with the year-earlier period primarily reflected loan growth, which was due to an approximately equal mix of organic growth and loan purchases, partially offset by principal amortization and increased prepayments of one- to four-family residential mortgages and home equity loans. Management believes the allowance for portfolio loan losses as of December 31, 2014, is sufficient to absorb losses in portfolio loans as of the end of the year. The decline in net charge-offs for the fourth quarter and full year 2014 compared with the fourth quarter and full year 2013 reflected a decrease in charge-offs in all of the Company's loan categories, with the most significant decreases in the fourth quarter of 2014 and the full year 2014 attributable to one- to-four family residential loans, home equity loans, commercial real estate loans, commercial business loans and manufactured home loans.

The increase in net interest margin during the fourth quarter and full year 2014 compared with the fourth quarter and full year 2013 was primarily due to an increase in higher-margin interest-earning assets outstanding, as the Company redeployed excess liquidity to grow its portfolio loans, held-for-sale loans, and warehouse loans. Additionally, the Company benefitted from an increase in noninterest-bearing deposits, and the maturity of high-cost repurchase agreements. Throughout 2013, prior to completing a capital raise in December 2013, the Company attempted to preserve capital, a plan that included limiting its investments in portfolio loans.

The increase in noninterest income during the fourth quarter of 2014 compared with the fourth quarter of 2013, as well as the increase in noninterest income during the full year 2014 compared with the full year 2013, primarily reflected higher gains on loans held-for-sale and higher gains on sales of securities available-for-sale. The increase in noninterest income during the full year 2014 was partially offset by a decrease in service charges and fees, and a decrease in commission income.

The increase in adjusted noninterest expense during the fourth quarter of 2014 compared with the fourth quarter of 2013 primarily reflected the addition of approximately 40 employees in various areas of the Company throughout the year, including branch operations and lending, to enhance customer service and promote loan and deposit growth. The Company believes it is now adequately staffed for its current business needs and anticipates little, if any, further additions to its current employee headcount in the near future. The increase in adjusted noninterest expense during the fourth quarter of 2014 compared with the third quarter of 2014 primarily reflected the full salary impact of employees that were added during the third quarter of 2014.

The decrease in adjusted noninterest expense for the full year 2014 compared with the full year 2013 primarily reflected a decrease in FDIC insurance costs, collection expenses, D&O insurance costs, and taxes, which were partially offset by an increase in compensation and benefits related to the Company's higher headcount. Because of the Company's strengthened capital position, the Company expects its risk-related operating expenses, including, but not limited to, OCC assessments, FDIC insurance costs, accounting costs, foreclosed asset and collection expenses, and D&O insurance costs, will continue to decline in 2015.

During the first nine months of 2014, the Company recorded income tax expense based on an expected rate applied to the anticipated taxable income. Late in 2014 Congress passed the Extenders bill, which extended the deduction for bonus depreciation and Section 179 immediate expensing through December 31, 2014. As a result of this change in the law, the Company was able to estimate an increased deduction for bonus depreciation that reduced taxable income sufficiently to eliminate the previously recorded tax expense of $0.2 million.

About the Company

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 northeastern Florida and southeastern Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Relations.

http://www.businesswire.com/news/home/20150202006263/en/Atlantic-Coast-Financial-Corporation-Announces-Profit-Fourth#.VNAXCoktGUk

Atlantic Coast Financial Corporation Reports Third Consecutive Quarterly Profit (10/29/14)

http://www.businesswire.com/news/home/20141029006349/en/Atlantic-Coast-Financial-Corporation-Reports-Consecutive-Quarterly#.VFFSvYl0yUk

Atlantic Coast Financial Corporation Reports Second Quarter 2014 Results (7/30/14)

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the “Company”) (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the “Bank”), today reported earnings per share of $0.02 for the second quarter ended June 30, 2014, continuing a profitable trend that resumed in the first quarter of 2014.

Commenting on the second quarter, John K. Stephens, Jr., President and Chief Executive Officer, said, “Our second quarter results demonstrate that Atlantic Coast is making steady headway toward its long-term goals, and our dedication to improving our product base and expanding our reach within the local community is helping to lead the way. This progress would not be possible without the outstanding work of Atlantic Coast’s people, including our many new hires who accounted for a nearly 20% increase in our employee base and who are providing a catalyst for new growth initiatives. Every day our employees help create a better bank, while continuing to focus their efforts on the needs of our clients. While we still face challenges, our plan is working and our core business continues to grow stronger. I believe the prospects for Atlantic Coast are clear and bright.”

Stephens continued, “In addition to our improving financial performance, our efforts to strengthen our senior management team reached a major milestone recently with the naming of Jay Lent as our new Chief Financial Officer. Jay brings to our company the skills and experience gained from a banking career that has spanned more than 30 years.”

Significant highlights of the second quarter and first half of 2014 included:

• Net income improved to $0.2 million or $0.02 per diluted share during the quarter ended June 30, 2014, from a net loss of $1.5 million or $0.62 per diluted share for the year-earlier quarter. Excluding costs associated with a proposed merger that stockholders rejected in June 2013, the adjusted net loss for the second quarter of 2013 was $0.4 million or $0.17 per diluted share during the year-earlier quarter (adjusted net loss is a non-GAAP measurement; see reconciliation of GAAP and non-GAAP measures at page 5 in this release).

• Net income improved to $0.4 million or $0.03 per diluted share for the six months ended June 30, 2014, versus a net loss of $3.6 million or $1.43 per diluted share and an adjusted net loss of $2.3 million or $0.91 per diluted share for the same period in 2013.

• Nonperforming assets decreased 63% to $9.4 million or 1.33% of total assets at June 30, 2014, from $25.2 million or 3.40% of total assets at June 30, 2013, but increased 6% from $8.9 million or 1.26% of total assets at March 31, 2014.

• Total assets declined to $710.1 million at June 30, 2014, compared with $733.6 million at December 31, 2013, primarily due to the maturity of $26.5 million of the Company’s repurchase agreements during the first quarter of 2014.

• The Company’s ratios of both Tier 1 capital to adjusted total assets and total risk-based capital improved to 10.17% and 18.75%, respectively, and they continued to exceed the levels – 9% and 13%, respectively – required by the Bank’s Consent Order (the “Order”) entered into with the Office of the Comptroller of the Currency effective August 10, 2012.

Jay Lent, Executive Vice President and Chief Financial Officer, added, “Upon joining Atlantic Coast, I was very impressed with the level of effort I observed from our employees and their determination to help this bank succeed. Through those efforts, Atlantic Coast delivered another positive quarter, with strong contributions from all of our business units. Our stronger balance sheet, loan growth, and a profitable second quarter are evidence that we are meeting the goals set by senior management after our successful capital raise.”

[Click on the link below to review the remainder of the press release and financial tables]

http://www.businesswire.com/news/home/20140730005877/en/Atlantic-Coast-Financial-Corporation-Reports-Quarter-2014#.U9l0Mol0yUk

This also came through email alert & I have 0 shares.

Total stockholders’ equity 68,206 vs 65,525

Net income (loss) $ 206 vs $ (2,039)

Earnings (loss) per common share:
Basic $ 0.01 vs $ (0.81)
Diluted $ 0.01 vs $ (0.81)

By the way, Siddhu was praised in Peter Lynch book of 1991 (beating the market).

http://www.snl.com/Cache/23642589.pdf?IID=4086903&FID=23642589&O=3&OSID=9

Annual Report (10-k)

Date :03/14/2014 @ 4:54PM
Source : Edgar (US Regulatory)
Stock : Atlantic Coast Financial Corp. (MM) (ACFC)
Quote : $4.12 -0.05 (-1.20%) @ 5:20PM

http://ih.advfn.com/p.php?pid=nmona&article=61463957

*The 10-K was out a couple weeks ago. Nothing really new to report.

O/S is 15,509,061
Equity is: $68.176MM

Marker eod:
Atlantic Coast Finan (ACFC)
$4.12 down -0.05 (-1.20%)
Volume: 26,327

6.4% stake in ACFC for TFO USA , originally from Bahrain:

https://www.bamsec.com/filing/91412114000155?cik=1404296

Nice to see it back above the support line.

Basswood takes a 8.87% stake in ACFC:

https://www.bamsec.com/filing/89914014000137?cik=1404296

Atlantic Coast Financial Corporation Announces Fourth Quarter and Full Year 2013 Results (1/29/14)

Atlantic Coast Bank is Well Positioned to Move Forward in 2014

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the “Company”) (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the “Bank”), today reported strong capital levels and superior asset quality at December 31, 2013. A non-performing asset sale reduced problem assets to pre-recession levels. A capital raise resulted in best-in-class capital ratios.

Commenting on the announcement, John K. Stephens, Jr., President and Chief Executive Officer, said, “We are very pleased with the position of the Bank at December 31, 2013. We recently raised more than $45 million in a public offering that was very well received by investors. During the fourth quarter, we also disposed of most of our non-performing assets. We anticipate completing the sale of two additional other real estate owned assets in the first quarter; with those dispositions, on which we do not expect to take additional losses, non-performing assets will represent less than 1% of total assets. Our capital ratios are now very strong, exceeding those of almost all community banks in our market area. These actions, coupled with recent additions to staff in new business development roles, have left us well positioned to move the Company forward, serve our customers, and create value for our stockholders.”

Significant developments in the fourth quarter included:
• On December 3, 2013, the Company completed an underwritten offering of its common stock. The Company raised $48.3 million in gross proceeds ($45.0 million in net proceeds) by issuing 12.9 million shares of its common stock, including the underwriter’s over-allotment option in full, at a price to the public of $3.75 per share. As a result of the capital raise, Tier 1 capital ratio was 9.73% of adjusted total assets and total risk-based capital ratio was 20.47% of risk-weighted assets.
• On December 27, 2013, the Company disposed of $13.2 million non-performing assets through a bulk sale transaction. As a result, the Company recognized a loss of $6.3 million, $2.4 million of which was charged off against reserves for non-performing loans.
• Non-performing assets decreased 74% to $8.6 million or 1.17% of total assets at December 31, 2013, from $33.0 million or 4.26% of total assets at December 31, 2012, and decreased 65% from $25.1 million or 3.51% of total assets at September 30, 2013.
• Total assets were $733.6 million at December 31, 2013, compared with $772.6 million at December 31, 2012, as the Company managed asset size prior to the successful completion of its capital raise on December 3, 2013.

For the fourth quarter of 2013, the Company reported a net loss of $6.9 million or $1.05 per diluted share compared with a net loss of $0.3 million or $0.12 per diluted share in the year-earlier quarter and a net loss of $0.9 million or $0.38 per diluted share in the third quarter of 2013. For the full year 2013, the net loss totaled $11.4 million or $3.23 per diluted share compared with a net loss for 2012 of $6.7 million or $2.67 per diluted share.

The Company’s results through December 31, 2013 included costs associated with the previously announced merger with Bond Street Holdings, Inc., which stockholders rejected at a special meeting in June 2013. Additionally, the Company’s results for the fourth quarter ended December 31, 2013 included a loss associated with a bulk sale of a significant portion of the Company’s non-performing assets and the expected sale of additional non-performing assets in the first quarter of 2014, as discussed below. In order to more clearly assess the fundamental operations of the Company, management believes it is appropriate to adjust the reported net losses for the fourth quarter and full year 2013 to exclude these merger-related costs, incremental provision and losses related to the sale of non-performing loans. On this basis, the adjusted net loss was $0.8 million or $0.12 per diluted share for the three months ended December 31, 2013, compared to $0.3 million or $0.12 per diluted share for the three months ended December 31, 2012, and $4.0 million or $1.13 per diluted share for the year ended December 31, 2013, compared to $6.7 million or $2.67 per diluted share for the year ended December 31, 2012. Adjusted net loss is a non-GAAP measurement; see page 5 for reconciliation of GAAP and non-GAAP measures.

James D. Hogan, Executive Vice President and Chief Financial Officer, commented, “With strong capital ratios and a clean balance sheet, we believe we are well positioned to return to profitability. In the first quarter of 2014, our long-term debt will begin to mature, which will help reduce our cost of funds. We also should generate significant savings in expenses from having a very low level of non-performing assets. As a result, we expect that the Bank will return to profitability in 2014.”

[Click on link to see remainder of press release]

http://www.businesswire.com/news/home/20140129006290/en/Atlantic-Coast-Financial-Corporation-Announces-Fourth-Quarter#.Uun9_h6YaUk

Zillow ranks Jacksonville as the 7th hottest housing market for 2014:

http://www.zillow.com/blog/research/2013/12/05/zillow-2014-housing-predictions/

FBR Capital issued an outperform rating on ACFC today, makes sense considering they were the book-runners on the public offering.

New ACFC filing highlighting new large owners:

http://www.sec.gov/Archives/edgar/data/1404296/000117152013000741/eps5399.htm

Martin Friedman:

http://www.linkedin.com/profile/view?id=53637561&authType=NAME_SEARCH&authToken=q-CH&locale=en_US&srchid=907459381386439397473&srchindex=3&srchtotal=96&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3A907459381386439397473%2CVSRPtargetId%3A53637561%2CVSRPcmpt%3Aprimary

A shot at new BVPS quick:

Old BV of $28.82 MM +
Net proceeds of $45.20 MM =
New BV of $74.02 MM

Old s/o of 2.55 MM +
New shares of 12.88 MM =
New s/o of 15.43 MM

$74.02 MM / 15.43 MM = $4.80 BVPS

-Pagz

Sidhu is an experienced operator.

Combination unlikely in the near term. Both banks need to put there turnaround plans into action first.

Pro forma book value is $5.00.

Based on shareholder's equity of $69.081 million and sale of 11,200,000 shares of common stock in this offering at the public offering price of $3.75 per share, after deducting underwriting discounts and commissions and estimated offering expenses.

Does not include impact of overallotment option for 1,680,000 shares. If exercised, the book value would decline to the amount previously mentioned.

http://www.sec.gov/Archives/edgar/data/1404296/000114420413064499/v361746_424b4.htm

It appears that the new book value per share will be $4.84.

Prior to the stock sale, equity was $29.875mm with 2,629,061 shares O/S.

The base issuance was $42mm worth of shares at a price of $3.75, providing net proceeds after expenses of $39.2mm.

With the over-allotment (which is probably in the bag after today's volume) of an additional 1.68mm shares, the total net proceeds will be $45.2mm. This gives us total newly issued shares of 12.88mm, for total shares O/S of 15.509mm.

Atlantic Coast Financial Corporation Prices Public Offering of Common Stock (11/27/13)

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company") (NASDAQ:ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced the pricing of its previously announced underwritten offering of $42.0 million of its common stock at a price to the public of $3.75 per share. FBR Capital Markets & Co. is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,680,000 shares of common stock, solely to cover over-allotments, if any.

Net proceeds from the sale of the shares after underwriting discounts and estimated offering expenses are expected to be approximately $39.2 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering are expected to be approximately $45.2 million. The Company intends to use the net proceeds of the offering for general corporate purposes, including contributing substantially all of the net proceeds of the offering to the Bank to maintain capital ratios at required levels and to support growth in the Bank's loan and investment portfolios. The offering is expected to close on December 3, 2013, subject to customary closing conditions.

A registration statement was filed previously by the Company relating to the public offering of the shares of common stock with the Securities and Exchange Commission ("SEC") and is effective. The registration statement and other Company filings with the SEC are available on the SEC's website located at www.sec.gov. The offering may be made only by means of a prospectus. When available, copies of the prospectus may be obtained from FBR Capital Markets & Co., Prospectus Department, 1001 19th Street North, Arlington, VA 22209, (703) 312-9726 or prospectuses@fbr.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About the Company

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 northeastern Florida and southeastern Georgia markets.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as "will," "expected," "believe," and "prospects," involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in demand for financial services, the state of the banking industry generally, the uncertainties associated with newly developed or acquired operations, and market disruptions. The Company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Contacts

Corporate Communications, Inc.
Patrick Watson, 615-324-7309
pat.watson@cci-ir.com

http://www.businesswire.com/news/home/20131127005145/en/Atlantic-Coast-Financial-Corporation-Prices-Public-Offering

Hope it is more than the Nov 5 closing price of 3.8.



"Our common stock is listed on the Nasdaq Global Market under the symbol “ACFC.” On November 5, 2013, the last reported sale price for our common stock was $3.80 per share."

$42 Million but we still don't know at what price. I would think it would be accretive but still reasonable so as that over-allotment gets filled.

Something interesting I just thought of as I saw this quote from the prospectus:

Atlantic Coast Financial Corporation Commences Public Offering of Common Stock

Company Release - 11/19/2013 16:05

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Atlantic Coast Financial Corporation (the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that it has commenced an underwritten public offering of $42 million of its common stock. FBR Capital Markets & Co. is acting as the sole book-running manager for the offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold, solely to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.

The Company intends to use the net proceeds of the offering for general corporate purposes, including contributing substantially all of the net proceeds of the offering to the Bank to maintain capital ratios at required levels and to support growth in the Bank's loan and investment portfolios.

A registration statement has been filed by the Company relating to the public offering of the shares of common stock with the Securities and Exchange Commission ("SEC"), but has not yet become effective. The shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement and other Company filings with the SEC are available on the SEC's website located at www.sec.gov. The offering may be made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained from FBR Capital Markets & Co., Prospectus Department, 1001 19th Street North, Arlington, VA 22209, (703) 312-9726 or prospectuses@fbr.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About the Company

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 northeastern Florida and southeastern Georgia markets.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as "will," "expected," "believe," and "prospects," involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in demand for financial services, the state of the banking industry generally, the uncertainties associated with newly developed or acquired operations, and market disruptions. The Company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.



Corporate Communications, Inc.
Patrick Watson, 615-324-7309
pat.watson@cci-ir.com

Source: Atlantic Coast Financial Corporation

http://www.snl.com/irweblinkx/file.aspx?IID=4086903&FID=20905036

Some highlights from Pre-Effective Amendment No. 2 to
FORM S-1.


http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9598833-809-314213&type=sect&TabIndex=2&companyid=749177&ppu=%252fdefault.aspx%253fsym%253dACFC



1. The Jacksonville metropolitan statistical area (MSA), with deposits of $48 billion as of June 30, 2013, is the third largest market in Florida by deposits, with an above average compounded annual deposit growth rate of 7.6% from 2008 to 2013 compared to 3.2% for the state of Florida.

2. Due to the Jacksonville MSA’s improving economy, the unemployment rate has declined from 11.4% at its peak in January 2010 to 6.7% at August 31, 2013. The northeast Florida economy is trending up with single family home sales increasing from 12,586 in 2008, to 17,718 in 2012 and 21,884 on an annualized basis through September 30, 2013. Average median home prices have followed this upward trend increasing from $125,000 in December 2011 to $135,000 in December 2012 and $170,600 through September 30, 2013.

3. Our adjusted net loss for the first nine months of 2013 was $3.2 million or $1.29 per diluted share, respectively.

4. Warehouse Lending and SBA Lending . We will use the new capital raised in this offering to continue to expand our warehouse lending and SBA lending activities. Since 2009, when we first entered the warehouse lending business, we experienced steady growth in our warehouse lending business and we currently have annualized production of approximately $1.1 billion resulting in average outstanding balances of $49.0 million. The average yield on warehouse loans in 2013 is 5.07%. We entered the SBA lending business in late 2010 and have quickly become a local market leader with annualized sales of $8.6 million resulting in annualized gains of $1.1 million. The growth in both lines of business has been constrained due to our capital and liquidity issues. We believe that both warehouse and SBA lending are very profitable and, with the proper level of capital, expect these lines of business to experience significant growth.

5. Atlantic Coast Bank’s capital classification as of September 30, 2013, was adequately capitalized.

Envision ACFC as acquirer.

First up, capital raise.

Jacksonville among most desirable markets for bank M&A

http://www.bizjournals.com/jacksonville/blog/morning-edition/2013/11/jacksonville-among-most-desirable.html

Bank mergers and acquisitions are heating up in the Southeast and Jacksonville is among the “most hotly pursued markets.”

The Southeast had the second highest amount of merger and acquisition activity among financial institutions nationwide during the 12 months ended Oct. 22, according to data from Banks Street Partners.

The Atlanta-based investment banking firm said banks headquartered in the Southeast have announced 50 deals in the last year, following the Midwest’s 69 deals during the same time period. In the past year, there have been 210 bank mergers announced nationwide.

Banks Street Partners CEO Lee Burrows said almost without exception, banks in the most desirable markets are getting the best pricing. He said the Southeastern markets most in demand from buyers includes: Charleston, S.C.; Charlotte, N.C.; Greenville/Spartanburg, S.C.; Jacksonville, Fla.; Knoxville, Tenn.; Nashville, Tenn.; Norfolk/Virginia Beach/Hampton Roads, Va.; Northern Virginia; Raleigh/Durham/Chapel Hill, N.C.; Richmond, Va.; and Savannah, Ga.

Florida is ripe for community bank mergers and acquisition, as the wave of Florida bank failures is mostly over and the recession in the rearview mirror. The Business Journal took an indepth look at bank mergers and acquisitions in Florida as a whole earlier this year.

Atlantic Coast Feder (ACFC)
$3.32 down -0.28 (-7.78%)
Volume: 1,775

Uncertainty clouds what is really going on within ACFC.

I'm in some today at $3.74. Profitability will come and I have a hard time believing if / when they raise capital it will not be a positive when buying at 30% BV.

Step one looking at this year's figures is looking at numbers with the costs of their failed takeover stripped out.

Atlantic Coast Financial Corporation Reports Third Quarter 2013 Results

Company Release - 10/29/2013

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Atlantic Coast Financial Corporation (the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported financial results for the quarter and nine months ended September 30, 2013.

For the third quarter of 2013, the Company reported a net loss of $0.9 million or $0.38 per diluted share compared with a net loss of $1.7 million or $0.66 per diluted share in the year-earlier quarter and a net loss of $1.6 million or $0.62 per diluted share in the second quarter of 2013. For the first nine months of 2013, the net loss totaled $4.5 million or $1.81 per diluted share compared with a net loss in the year-earlier period of $6.4 million or $2.55 per diluted share.

The Company's results through September 30, 2013, included costs associated with the previously announced merger with Bond Street Holdings, Inc., which stockholders rejected at a special meeting held on June 11, 2013. In order to more clearly assess the fundamental operations of the Company, management believes it is appropriate to adjust the reported net losses for the first nine months of 2013 to exclude these merger-related costs. On this as-adjusted basis, the adjusted net loss for the nine months ended September 30, 2013, was $3.2 million or $1.29 per diluted share. Adjusted net loss is a non-GAAP measurement; see reconciliation of GAAP and non-GAAP measures at page 7 of this release.

Significant developments in the third quarter included:

• The net loss decreased 44% to $0.9 million for the third quarter of 2013 from $1.7 million for the same quarter in 2012 and decreased 40% from $1.6 million for the second quarter of 2013. The adjusted net loss decreased 49% to $3.2 million for the nine months ended September 30, 2013, from $6.4 million for the nine months ended September 30, 2012.

• Non-performing assets decreased 27% to $25.1 million or 3.51% of total assets at September 30, 2013, from $34.2 million or 4.35% of total assets at September 30, 2012, and decreased 1% from $25.2 million or 3.40% of total assets at June 30, 2013.

• Annualized net charge-offs to average loans decreased to 1.87% for the third quarter of 2013 from 2.78% for the year-earlier third quarter and increased from 1.79% in the second quarter of 2013.

• Total assets were $714.1 million at September 30, 2013, compared with $772.6 million at December 31, 2012, as the Company has continued to manage asset size consistent with its overall capital management strategy.

• On September 10, 2013, the Company named John K. Stephens, Jr. as the new Chief Executive Officer of the Company and the Bank; Stephens, who brings with him over 25 years of banking experience, also will serve as a director of the Company and the Bank. Stephens' appointment is contingent upon receipt of regulatory non-objection. Additionally, the Boards of Directors of the Company and the Bank each has four new members, all with extensive management experience and three of whom have served as executives of large community or national banks. The appointment of James D. Hogan, one of the new directors, is contingent upon receipt of regulatory non-objection.

[....]

http://www.snl.com/irweblinkx/file.aspx?IID=4086903&FID=20453687

FDIC Certificate # 45826

https://cdr.ffiec.gov/public/SelectReportFormat.aspx?reportType=283&idrssd=543570&ReportPeriod=6%2f30%2f2013&Name=ATLANTIC+COAST+BANK

Pre-Effective Amendment No. 1 to FORM S-1
REGISTRATION STATEMENT

PRELIMINARY PROSPECTUS

FORM S-1
REGISTRATION STATEMENT

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED SEPTEMBER 10, 2013

Common Stock

We are offering to sell _________ shares of our common stock, par value $0.01 per share.

Our common stock is listed on the Nasdaq Global Market under the symbol “ACFC.” On September 9, 2013, the last reported sale price for our common stock was $4.21 per share.

The underwriters expect to deliver the shares of our common stock to purchasers against payment on or about __________, 2013.

FBR
The date of this prospectus is ___________, 2013.

http://ih.advfn.com/p.php?pid=nmona&article=59156134

*There are no details provided in a Prelimiary Prospectus. The bank needs to raise approx $38MM in capital but exactly how and when they propose to do that has not been spelled out....that will come later.

The big question on many minds is - what price would a potential offering come out at? Bond Street Holdings just recently valued the bank at $5 @ share and that offer was deemed "too low" and turned down by large influential shareholders. So what value and price should a secondary offering be set at now that will not massively dilute legacy shareholders and yet still be attractive enough to woo potential new investors?? This should be interesting to watch unfold.

Atlantic Coast Financial Corporation Names John K. Stephens President and Chief Executive Officer (9/10/13)

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company" or "Atlantic Coast Financial," NASDAQ symbol: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that its Board of Directors has named John K. Stephens President and Chief Executive Officer of both Atlantic Coast Financial and Atlantic Coast Bank, contingent upon receipt of regulatory non-objection from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Atlanta. Stephens will replace Thomas B. Wagers, Sr., who has served as Interim President and Chief Executive Officer since July 2013.

Stephens is a 23-year veteran of the banking and financial services industry. From 2006 to 2011, he served as Chief Lending Officer for the Central and North Florida affiliate banks of Fifth Third Bank, N.A., overseeing a loan portfolio of almost $2 billion and responsible for strategic leadership for all wholesale banking activities. Stephens began his career in 1986 with Wachovia Bank, N.A., where he started as a regional banking officer, later became a relationship manager responsible for originating and managing senior debt and ancillary service relationships with corporate clients, and was ultimately selected to start and lead a leveraged finance group. Most recently, Stephens served as President of Orlando, Florida-based Tower Bridge Capital, Inc.

Stephens received an MBA, with a concentration in corporate finance and capital markets, from the University of Notre Dame, Mendoza Graduate School of Business, and earned a Bachelor of Arts degree from the University of South Carolina.

In commenting on the announcement, Jay Sidhu, who led the CEO search committee for the Company, said, "Our Board is very excited that John has accepted our invitation to lead the Company as its CEO, and we believe all of our constituents – shareholders, customers and employees – will be equally excited once they get to know him. John is a proven leader who brings significant banking experience to our company, including working in our northeast Florida market. During his more than 23 years in the financial industry, he has been a key player in all aspects of the banking industry, advancing to virtually every critical position in a bank's structure. We expect his diverse experience and excellent track record to be invaluable to Atlantic Coast Financial as we continue to develop and implement our strategic initiatives."

In commenting on his new position, Stephens added, "I am indeed honored to become part of the Atlantic Coast Financial management team. I am impressed by the Company's potential, the markets in which it operates and the opportunities they present, as well as the energy and commitment demonstrated by the entire team to strengthening the Company's capital structure and building Atlantic Coast Bank's community banking model. I look forward to working with such a talented team of management and associates to build a strong future for the Company."

About the Company

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 northeastern Florida and southeastern Georgia markets through 12 locations, with a focus on the Jacksonville metropolitan area. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Information.

http://www.businesswire.com/news/home/20130910006901/en/Atlantic-Coast-Financial-Corporation-Names-John-K.

RE: Jay Sidhu

....check out #7 on this list:

http://businessweekly.readingeagle.com/corporate-kings/

":~O

Lending at Florida banks far outpaces nation, profits improve

Aug 29, 2013, 12:42pm EDT

Loan growth at Florida banks beat the national growth rate by more than double in the second quarter and their profitability improved as well.

The 203 banks chartered in Florida boosted their loans by a combined $2.6 billion, or 2.8 percent, in the second quarter, according to the Federal Deposit Insurance Corp. The national increase was just 1 percent. Over the past 12 months, Florida banks grew their loans 6.8 percent, compared to the national growth rate of 2.9 percent.

[....]

http://www.bizjournals.com/southflorida/news/2013/08/29/lending-at-florida-banks-far-outpaces.html?iana=ind_bank

*2 years ago Florida banks were toxic to the touch...that trend has completely reversed.

Function of structure, not price.

Like most "sick banks" we follow, there are valuable tax attributes at risk.