Atlantic Coast Financial Corp (fka ACFC)

[56Chevy]

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