Atlantic Coast Financial Corp (fka ACFC)

[56Chevy]

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

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.

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 October 15, 2013, the last reported sale price for our common stock was $3.78 per share.

[....]

Upon the successful completion of this offering and the increase in Atlantic Coast Bank’s capital by an estimated $38.5 million, we intend to take immediate action to deal with the financial uncertainty related to our non-performing assets and return to our community and mortgage banking roots.

http://ih.advfn.com/p.php?pid=nmona&article=59658659

*Details are still not set in stone but we have a ballpark number on the amount they would like to raise $38.5MM.. The most interesting question still remains - what will be the price per share?? Activists turned down an offer to buy the bank for $5 @ share just last month.

*PPS as of 10/18/2013 mid-day was $3.98...up 3% from prior days.