PMBC

http://banktracker.investigativereportingworkshop.org/banks/california/costa-mesa/pacific-mercantile-bank/

*marker- PPS as of 9/12/2013 was $6.21...BV is $6.89...not sure why the heavy losses in Q2 of 2013..???... and no time right now to look into it but this is still a strong bank...well capitalized..and no TARP.

Even better.

thanx

Chairman of the Board (Miller) adds to his holdings and buys 1,716 shares at an average price of $2.50

Form 4

http://ih.advfn.com/p.php?pid=nmona&article=58724474

*Its always a good sign when bank insiders are actually buying their own shares to accumulate more.

Riverview Exceeds $100 Million Lending Goal

Doubles this year’s local lending pledge to $200 million

(VANCOUVER, Wash.) – Riverview Community Bank is proud to announce that it has exceeded its 12-month, $100 million lending commitment to individuals and local businesses in the region. By the end of the pledged 12-month period, Riverview originated over $134 million in new loans, helping local housing and business markets. Renewing its commitment to local lending, Riverview has doubled the pledge to $200 million over the next 12 months.

[....]

http://www.riverviewbank.com/ContentDocumentHandler.ashx?documentId=22586

*Riverview Bancorp, Inc. (Nasdaq: RVSB) is headquartered in Vancouver, Washington – just north of Portland, Oregon on the I-5 corridor. With assets of $775 million, it is the parent company of the 90-year-old Riverview Community Bank, as well as Riverview Asset Management Corp.

**Doubtful the bank is for sale since it has a 90 history in that community...however this bank looks to me like a very desirable candidate for acquisition. It wouldn't shock me to see someone come calling ...and with a premium offer in hand.

PPS today was $2.77

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.

P.s. I don't want to leave out what has had without question the biggest negative impact on JCP of all the past 20 years and that would be Wal-Mart. I talked about the high end brand impact earlier but I omitted the impact of low end retailers like WMT have had. In my mind they're easy to forget. I haven't shopped in one for over 10 years. Saving a buck on a pair of Dockers or socks isn't worth the freak show atmosphere ":~O Snobbish? Ya..perhaps. Price might be King for some... but atmosphere and service are a worthy Queen to others... and we're willing to pay for it.

Since I happen to know you spent most of your life in Nepal I can understand why you might ask. I'll take a stab at a quick answer.

For most of my life JCP was considered an All American above average clothing retailer. They have always had a solid reputation with mom & pop but that was true even among us teens in the 60's & 70's and if you couldn' t (or didn' t) want to pay designer prices then JCP was a decent alternative. But over time Madison Ave convinced most of us that designer labels were no longer a luxury they were now a "must have"... and JCP slowly fell out of favor in the minds of many. Perhaps more importantly they were losing those younger consumers.

Ask dear old dad or mom today if they still like JCP stores and most will give you a resounding yes!...but ask their grand-kids and they'll tell you they've never been in one ":-0

Here inlies the problem.

In my mind if JCP is to overcome what became an admittedly stale brand name they have to figure out how to put that new car smell back in the classic "vehicle". Johnson was a miserable failure...standing next to Einstein doesn't make you smart...nor does working for Apple give you the midas touch. But I'm willing to bet with new leadership and a few of those same image makers over on Madison Ave who convinced America JCP lost the "it" factor will know how to recapture it.

I think JCP will survive. Ford & GM faced simular image problems... and both are doing quite well.

RE: Jay Sidhu

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

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

":~O

Balance Sheet and Capital:

Total assets of $828.9 million at June 30, 2013 declined 4.23% from $865.5 million at December 31, 2012. Net cash, cash equivalents, and investments of $301.2 million at June 30, 2013 decreased 0.81% compared to $303.7 million at December 31, 2012. Gross loans of $489.2 million at June 30, 2013 decreased 1.7% from $497.9 million at December 31, 2012. Total deposits of $657.5 million at June 30, 2013 decreased 6.1% from $699.9 million at December 31, 2012. Total shareholders' equity was $22.3 million at June 30, 2013, a decrease of 1.8%from $22.7 million at December 31, 2012. Book value per share at June 30, 2013 was $2.80 as compared to $2.90 at December 31, 2012.

http://ih.advfn.com/p.php?pid=nmona&article=58900143

*MV as of 9/10/2013 was $1.35

Aside from being a good distressed investment Cubans' purchase of JCP is a show of support for one of America' s most solid clothing retailers...and it just happens to be headquartered in Dallas. Its a thumbs up vote for a hometown company.

Alot of people want to see JCP succeed.

Form 4

Director buys 100,000 shares.

Fortress Is Betting On Bill Collectors With Mortgage Servicer Nationstar

This story appears in the June 10, 2013 issue of Forbes.

[....]

What is mortgage servicing? It’s the business of collecting mortgage payments from homeowners and delivering the funds to investors like Fannie Mae and the mortgage-backed securities trusts. It involves such mundane chores as record-keeping, paying taxes and customer service. It also involves coaxing delinquent borrowers into making payments.

Imagine, as in the case of Nationstar, a nondescript 160,000-square-foot office building in a Dallas suburb where 800 recent college graduates sit in a sea of cubicles. These “loan counselors” wear headsets and chat up customers, earning bonuses when they successfully work out a delinquent mortgage.

[....]


Private equity firms may be snapping up servicing rights, but they still need collection agents like Nationstar.

One convenient partnership helping Nationstar expand rapidly is with a Fortress-owned REIT, Newcastle Investment NCT +1.04%. Newcastle finances 65% of Nationstar’s purchases of MSRs from banks in exchange for half the fee income, after Nationstar extracts 21 basis points to cover operating costs. Newcastle earns a 14% return while Nationstar uses Newcastle’s capital to grow.

That’s a great position to be in, considering that banks are expected to sell or transfer the servicing rights on $300 billion to $500 billion worth of loans each year for the next three years, and Fannie Mae and Freddie Mac , which dominate the mortgage business, hold veto power over servicers. They currently favor three: Nationstar, Ocwen and Walter. Other ways to play the boom include Lender Processing Services, a data and software firm that works with servicers.

Mortgage servicing is a great business now, but Bray isn’t keeping all his eggs in one basket. He rebuilt Nationstar’s lending business, focusing on refinancing the loans it holds the servicing rights to. The company now retains more than half the loans eligible for refinancing that way, and the spread from bundling loans and selling them on Wall Street accounts for half of its revenue.

This should keep Bray and Fortress happy–and flush–no matter which way the economic winds are blowing.

http://www.forbes.com/sites/danielfisher/2013/05/22/fortress-is-betting-on-bill-collectors-with-mortgage-servicer-nationstar/

This [Consent Order lifted] is a major accomplishment for the bank. I'm sure there was a some celebrating - three and a half years is along time to have an axe hanging over your head.

Good find genlou..thanx for sharing. CIBH went on a nice run not long after their C O was lifted.

Way to go IDFB!!!

Regulatory Developments and Significant Events

In January 2009, the Bank entered into a Memorandum of Understanding (“MOU”) with the Office of Thrift Supervision (“OTS”), at the time the Bank’s primary regulator. Following the transfer of the responsibilities and authority of the OTS to the OCC on July 21, 2011, the MOU was enforced by the OCC. On January 25, 2012, the Bank entered into a formal written agreement (“Agreement”) with the OCC. Upon effectiveness of the Agreement, the MOU was terminated by the OCC. The Agreement will remain in effect and enforceable until modified, waived or terminated in writing by the OCC.

Entry into the Agreement does not change the Bank’s “well capitalized” status as of the date of this Form 10-Q. The Agreement is based on the findings of the OCC during its on-site examination of the Bank as of June 30, 2011 (“OCC Exam”). Since the completion of the OCC Exam, the Bank’s Board of Directors (“Board”) and its management have successfully implemented initiatives and strategies to address and resolve the issues noted in the Agreement. The Bank continues to work in cooperation with its regulators to ensure its policies and procedures remain in conformity with the requirements contained in the Agreement.

Under the Agreement, the Bank is required to take the following actions: (a) refrain from paying dividends without prior OCC non-objection; (b) adopt, implement and adhere to a three year capital plan, including objectives, projections and implementation strategies for the Bank’s overall risk profile, dividend policy, capital requirements, primary capital structure sources and alternatives, various balance sheet items, as well as systems to monitor the Bank’s progress in meeting the plans, goals and objectives of the plan; (c) add a credit risk management function and appoint a Chief Lending Officer that is independent from the credit risk management function; (d) update the Bank’s credit policy and not grant, extend, renew or alter any loan over $250,000 without meeting certain requirements set forth in the Agreement; (e) adopt, implement and adhere to a program to ensure that risk associated with the Bank’s loans and other assets is properly reflected on the Bank’s books and records; (f) adopt, implement and adhere to a program to reduce the Bank’s criticized assets; (g) retain a consultant to perform semi-annual asset quality reviews of the Bank’s loan portfolio; (h) adopt, implement and adhere to policies related to asset diversification and reducing concentrations of credit; and (i) submit quarterly progress reports to the OCC regarding various aspects of the foregoing actions.

The Bank’s Board must ensure that the Bank has the processes, personnel and control systems in place to ensure implementation of, and adherence to, the requirements of the Agreement. In connection with this requirement, the Bank’s Board has appointed a compliance committee to submit reports to the OCC and to monitor and coordinate the Bank’s performance under the Agreement. The Bank believes it is currently in compliance with all of the requirements of the Agreement through its normal business operations. These requirements will remain in effect until modified or terminated by the OCC.

The Bank has also separately agreed to the OCC establishing higher minimum capital ratios for the Bank, specifically that the Bank maintain a Tier 1 capital (leverage) ratio of not less than 9.00% and a total risk-based capital ratio of not less than 12.00%. As of June 30, 2013, the Bank’s Tier 1 capital (leverage) ratio was 10.27% and its total risk-based capital ratio was 15.81%.

[....]

The Bank is subject to various regulatory capital requirements administered by the OCC. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. As of June 30, 2013, the Bank was “well capitalized” as defined under the regulatory framework for prompt corrective action.

http://ih.advfn.com/p.php?pid=nmona&article=58821092

Quarterly Report (10-q)

Date : 08/14/2013 @ 5:29PM
Source : Edgar (US Regulatory)
Stock : Riverview Bancorp (MM) (RVSB)
Quote : $2.69 0.01 (0.37%) @ 4:59PM

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $.01 par value per share, 22,471,890 shares outstanding as of August 14, 2013.

http://ih.advfn.com/p.php?pid=nmona&article=58821092

Total assets: $772.5MM

Total equity: $80.779MM

BV is $3.56
MV is $2.69

The stock is selling at a 25% discount to BV.

Float: 16.95M
% Held by Insiders1: 6.34%
% Held by Institutions1: 46.00%

http://finance.yahoo.com/q/ks?s=RVSB+Key+Statistics

RVSB did not participate in the TARP program.

http://banktracker.investigativereportingworkshop.org/banks/washington/vancouver/riverview-community-bank/

Sussex Bancorp Successfully Completes Rights Offering

Company Release - 08/06/2013 17:00

FRANKLIN, N.J., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company for Sussex Bank (the "Bank"), announced today the completion of its rights offering on August 5, 2013. The rights offering, which expired at 5:00 p.m. Eastern time on July 29, 2013, was fully subscribed and resulted in gross proceeds totaling approximately $7.2 million before expenses. In total, including standby commitments of approximately $2.4 million from standby purchasers, the Company had total commitments of approximately $16.6 million to purchase the Company's stock. Over-subscription privilege requests were three times greater than what was available to issue.

"We are very pleased with the overwhelming confidence and support from our shareholders, which resulted in a successful, over-subscribed rights offering. The over-subscription demand validates the progress we have made over the last three years and to an extent substantiates the strategic direction of our Company," said Anthony Labozzetta, President and Chief Executive Officer of the Company and the Bank. "We are accomplishing a great turnaround at Sussex Bank as we continue to simultaneously reduce our legacy problem assets and execute our growth strategy," added Edward Leppert, Chairman of the Board of the Company and the Bank.

Shareholders exercised basic subscription rights and over-subscription privileges to purchase 1,198,300 shares of its common stock at a subscription price of $6.00 per share. As a result, the total number of shares of the Company's common stock outstanding is now 4,629,113, and, as of June 30, 2013, the Company's proforma tangible book value per share, inclusive of the additional shares and capital from the rights offering, was approximately $9.14. All excess subscription payments will be returned, without interest or penalty, as soon as practicable. Further, since the offering was fully subscribed, the Company did not utilize the standby commitments from the standby purchasers to purchase up to 404,161 shares of common stock.

[....[

http://www.snl.com/irweblinkx/file.aspx?IID=4015338&FID=18779370

Closing bell today:

Sussex Bancorp (SBBX)
$ 6.69 down-0.01 (-0.15%)
Volume: 1,400

"Price is what you pay. Value is what you get." - Warren Buffett

Talbot Bank Enters Into Consent Order With Regulators

Press Release: Shore Bancshares, Inc. – Fri, May 24, 2013 9:00 AM EDT

EASTON, Md., May 24, 2013 /PRNewswire/ -- Shore Bancshares, Inc. (SHBI) announced today that its wholly owned subsidiary, The Talbot Bank of Easton, Maryland (the "Bank"), entered into a Consent Order with the Federal Deposit Insurance Corporation ("FDIC") and the Commissioner of Financial Regulation of Maryland ("Commissioner") with certain requirements, including improving credit quality and reviewing and revising certain of the Bank's policies and procedures.

Patrick M. Bilbrough, Chief Executive Officer of the Bank, commented: "Everyone is familiar with the fact that the local and national economies have experienced a very difficult time. No bank has been immune from the challenges created by the economic downturn. The Bank, like most businesses, is facing challenges. As we deal with those challenges, we are working closely with the FDIC and the Commissioner to make sure that we handle these challenges in the correct way and in a timely manner."

Importantly, despite the economic problems encountered over the last several years, the Bank had a Tier 1 leverage ratio of 8.24% and a total risk based capital ratio of 12.38% at the end of the first quarter of 2013 which exceeds the regulatory requirement of the Consent Order as well as internal levels set by the Bank. Additionally, the Company reported Net Income for the first quarter of 2013 reflecting an improvement in credit quality.

The Bank has been aggressively improving its credit quality and has already accomplished many of the requirements of the Consent Order. The Bank's management team is confident that the administrative aspects of this Consent Order can be effectively addressed.

Mr. Bilbrough further noted: "While these types of agreements have become somewhat commonplace in the banking industry over the last three years, every member of our Board and management team is focused and committed to working with our regulators to continue to resolve the issues facing the Bank and meeting all the terms and conditions of the Consent Order. At the same time, we are committed to continuing to provide to our customers the superior care and service levels to which they are accustomed."

Mr. Bilbrough concluded: "We look forward to overcoming our current challenges and emerging an even stronger bank."

The Bank is a member of the Shore Bancshares family of companies, the largest independent financial services company that offers banking, insurance and wealth management services to families and businesses on the Delmarva Peninsula. As a financial holding company with $1.1 billion in assets, the Shore Bancshares family of companies also includes CNB, Wye Financial & Trust, Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin & Associates, Inc.

With 7 locations in Talbot and Dorchester counties, we serve the local needs of our customers and our community through personalized banking services and products, convenient operations and secure and reliable banking solutions. Our employees offer a personalized "hometown" approach to make your banking experience positive. We invest in what is important to you.

[....]

http://finance.yahoo.com/news/talbot-bank-enters-consent-order-130000739.html

Quarterly Report (10-q)

Date : 08/14/2013 @ 11:18AM
Source : Edgar (US Regulatory)
Stock : Shore Bancshares (MM) (SHBI)
Quote : $8.30 0.05 (0.61%) @ 4:59PM

http://ih.advfn.com/p.php?pid=nmona&article=58815340

Equity: $113,594,000
O/S:.......... 8,461,289

Book Value: $13.43
Market Value: $8.30

The stock is selling at a 38% discount to BV as of this date.

Book Value Per Diluted Share $ 14.36

Market Value on 8/31/2013: $11.92. The bank is selling at a 17% discount to BV.

No TARP owed according to Banktracker:

http://banktracker.investigativereportingworkshop.org/banks/florida/tallahassee/capital-city-bank/

Shares Outstanding5: 17.34M Equity: $249MM
Float: 10.56M
% Held by Insiders1: 39.18%
% Held by Institutions1: 28.10%

http://finance.yahoo.com/q/ks?s=CCBG+Key+Statistics

Edgar OnLine:

Company: CAPITAL CITY BANK GROUP I ... (CCBG)
Form Type: 10-Q
Filing Date: 8/9/2013
CIK: 0000726601
Address: 217 N MONROE ST
City, State, Zip: TALLAHASSEE, Florida 32301
Telephone: (850) 671-0300
Fiscal Year: 12/31

http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?dcn=0000726601-13-000020

Supertel Hospitality, Inc. (SPPR)
$ 6.44 down -0.26 ( -3.88% )
Volume: 512

Marker 9/1/2013

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.

Another possible buyer of other Florida banks.

CCBG is a potential buyer of other Florida banks.

Mountain 1st Bank & Trust Company doesn't have publically traded stock..its a wholly-owned subsidiary of 1st Financial Services Corporation.

When First-Citizens Bank & Trust Company buys FFIS it will own Mountain 1st as well.

Its $2 Million dollars for lock stock n' barrel.

If this merger were finalized today shareholders would receive 0.38 cents @ share.

FFIS's book value has been declining and at the time of this announcement was .52..which means First-Citizens Bank & Trust Company bought 1st Financial Services Corporation at a 27% discount.

This merger among equals was survival consolidation for each bank.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90205378

Sure...but deploying the strategy of using TA in a BK over time works allot like the game Russian roulette - eventually the odds shift...there are less and less willing to play... and eventually you lose your mind playing the game ":~\

TA & charts in a BK work allot like a blind-mans' cane.

You have no indication whether you're stepping off a 6" curb ...or the Grand Canyon ":~O

For anyone who bought JAXB and is having their first experience with a 'rights offering' I wanted to copy and paste this post from the JAXB board. It came from my good friend and partner EI.

http://www.missionoaksbank.com/site/press_releases.html

Atlantic Coast Financial loses board chairman

Aug 13, 2013, 1:35pm EDT

The mass exodus of Atlantic Coast Financial Corp.’s board members continues — with the chairman being the latest.

In a Securities and Exchange Commission filing last week, the company said John Linfante, who was also its audit committee financial expert, had resigned.

In the filing, ACFC said it believes director nominee Kevin Champagne would qualify as a financial expert and serve on the audit committee, if elected at the annual meeting Aug. 16, and subject to the receipt of non-objection by the Federal Reserve Bank of Atlanta to his service on the board.

Jacksonville-based Atlantic Coast Financial (Nasdaq: ACFC) is the holding company for Atlantic Coast Bank. Linfante also resigned from the board of Atlantic Coast Bank, effective Aug. 14.

Linfante's resignation comes nearly two months after ACFC’s president and CEO Tom Frankland, as well as three board members, announced they would not stand for re-election.

The departures continue the changing of the guard at the Jacksonville bank following a merger attempt with Bond Street Holdings Inc. that was voted down by shareholders in June.

Jay Sidhu, a member of the board, said in an email Tuesday that Linfante's departure "will have no affect whatsoever on ACFC or its listing. All three board members we are adding would be qualified to be financial experts or audit committee members."

Sidhu previously nominated Champagne, John Dolan and Dave Bhasin for election in a public letter he sent to the board

[....]

http://www.bizjournals.com/jacksonville/news/2013/08/13/atlantic-coast-financial-loses-board.html

Left at the altar, ACFC suitor Florida Community Bank instead picks up Great Florida Bank

Jul 17, 2013, 1:30pm EDT

About a month after shareholders voted to kill a deal for Florida Community Bank to buy Jacksonville-based Atlantic Coast Financial Corp., FCB has found its next deal.

My colleague Brian Bandell with the South Florida Business Journal reports the Weston-based bank has signed a deal to acquire Miami Lakes-based Great Florida Bank for $42.5 million.

The deal would make it the sixth-largest bank chartered in Florida and the fourth-largest with its parent company also based in the state.

FCB had a deal in place to merge ACFC into its brand, but shareholders voted that deal down last month.

Days after the shareholders stopped the deal, ACFC’s president and CEO, along with three board members, announced their plans to resign.

http://www.bizjournals.com/jacksonville/blog/2013/07/florida-community-bank-misses-out-on.html

*to update on the GFLB deal read below:

Great Florida Bank to be acquired by Florida Community Bank

Jul 17, 2013, 10:15am EDT

Florida Community Bank signed a deal to acquire Great Florida Bank, which has been under orders from regulators to raise capital.

Weston-based Florida Community Bank, a subsidiary of private equity-funded Bond Street Holdings, missed out on a deal to acquire Jacksonville-based Atlantic Coast Financial Corp. (NASDAQ: ACFC) in June when the shareholders of the selling bank voted against the deal. Now it’s looking to deploy its excess capital to acquire Miami Lakes-based Great Florida Bank (Pink Sheets: GFLB), which had $1.14 billion in assets on March 31.

Since Florida Community Bank had $3.25 billion in assets at that time, completing the acquisition would make it the sixth-largest bank chartered in Florida and the fourth-largest with its parent company also based in the state.

Florida Community Bank agreed to pay $3.24 per share, a big premium over the 32 cents per share Great Florida Bank stock closed at on July 10. Its stock hasn’t traded at near that level since December 2008.

Shares of Great Florida Bank spiked $2.62, or an eye-popping 820 percent, on Wednesday morning, to $2.94.

The total cash value of the deal is $42.5 million. Read what bank analyst Kenneth H. Thomas thinks of the price.

[....]

http://www.bizjournals.com/southflorida/news/2013/07/17/great-florida-bank-to-be-acquired-by.html

Atlantic Coast Financial CEO, board members out

Jun 21, 2013, 12:30pm EDT

Atlantic Coast Financial Corp. is in the midst of a changing of the guard.

President and CEO Tom Frankland is planning to resign and three board members have announced they will not stand for re-election at the next annual stockholders meeting Aug. 13, according to a document filed with the Securities and Exchange Commission Thursday.

The news comes less than two weeks after shareholders voted down a proposed merger with Bond Street Holdings Inc.

Frankland’s resignation is effective July 1. Chief Financial Officer Thomas Wagers will be appointed interim president and CEO.

In the same filing, the board nominated John Dolan, Kevin Champagne and Dave Bhasin for election to the board. Board member Jay Sidhu previously offered the three as nominees in a public letter he sent to the board.

The day after the shareholder vote, Sidhu all but said the only chance for the bank’s survival is if it gets a new CEO and a new board of directors.

It appears he is getting his way.

Jacksonville-based Atlantic Coast Financial (Nasdaq: ACFC) is the holding company for Atlantic Coast Bank.

[....]

http://www.bizjournals.com/jacksonville/blog/2013/06/atlantic-coast-financial-ceo-board.html

Jay Sidhu: Atlantic Coast’s future needs a new CEO, board of directors

Jun 12, 2013, 3:00pm EDT

Dissident board member Jay Sidhu reiterated his opinion Wednesday on the future of Atlantic Coast Financial Corp.

Sidhu all but said that the only chance for the bank’s survival is if it gets a new CEO and a new board of directors.

Shareholders voted against the proposed merger Tuesday between Jacksonville-based Atlantic Coast Financial (Nasdaq: ACFC), the holding company for Atlantic Coast Bank, and Miami-based Bond Street Holdings. The companies announced Feb. 26 plans to merge Atlantic Coast into Bond Street Holdings for $5 per share.

The bank issued a statement Tuesday saying the board of directors will begin evaluating other strategic alternatives immediately, including a possible recapitalization.

Sidhu said Wednesday that the board would will look at every single way to enhance shareholder value and he hopes the board will be engaged in looking for a superior merger offer or raising more capital.

But he also said that the only way for the bank to raise capital if there was a new CEO at the bank and a reconstituted board of directors.

“Without those two things, we can’t raise capital...investors are looking for new leaders,” he said.

Sidhu has been calling for new leadership at the bank for months, writing several letters to the board and sending them through the U.S. Securities and Exchange Commission.

Tom Frankland, CEO of Atlantic Coast Financial Corp., previously told the Business Journal the proposed merger with Bond Street was the best option for the bank.

But Sidhu and other dissident board members have said the bank was being sold short.

Sidhu also said that the board will address all concerns and raise enough capital so shareholder value is maximized in the short and long term. Sidhu thinks the bank is well positioned to be a strong community bank in the Jacksonville area.

“The company will be a profitable company in a few quarters,” he said.

[....]

http://www.bizjournals.com/jacksonville/blog/2013/06/jay-sidhu-atlantic-coasts-future.html

Atlantic Coast Financial Corporation Announces That the Proposed Merger with Bond Street Holdings, Inc. Failed to Receive Stockholder Approval

Press Release: Atlantic Coast Financial Corporation – Tue, Jun 11, 2013 10:50 AM EDT

JACKSONVILLE, Fla.--(BUSINESS WIRE)--

Atlantic Coast Financial Corporation (the "Company" or "Atlantic Coast Financial")(ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that the proposed merger with Bond Street Holdings, Inc. ("Bond Street") did not receive stockholder approval at today's special meeting of stockholders. Likewise, a proposal that would have approved an adjournment of the meeting to allow for the solicitation of additional votes failed to receive stockholder approval.

The Company's Board of Directors had recommended the proposed merger with Bond Street because the Board concluded it represented the best alternative for all stockholders in addressing the demands that currently face the Company, including the Bank's ability to meet the capital requirements of the regulatory consent order under which it currently operates. However, the Board respects the decision of stockholders and, accordingly, it will begin to evaluate other strategic alternatives immediately, including a possible recapitalization, as the Board continues to carry out its normal corporate governance responsibilities.

[....]

http://finance.yahoo.com/news/atlantic-coast-financial-corporation-announces-145000441.html