Atlantic Coast Financial Corp (fka ACFC)

[Enterprising Investor]

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