Atlantic Coast Financial Corp (fka ACFC)

[56Chevy]

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.