Atlantic Coast Financial Corp (fka ACFC)

[56Chevy]

Atlantic Coast Bank (the "Bank"), today announced the pricing of its previously announced underwritten offering of $42.0 million of its common stock at a price to the public of $3.75 per share.

OK we finally have a number of $3.75 @ share and judging by todays volume of well over 1.4 MM shares mid-day the market likes that price.

The next question in my mind is, once this capital raising effort is completed, how much time does Sidhu & Co have to prove the bank was worth more than the $5 offer they refused?

And for possible drama we will soon have 2 banks in the Jacksonville, FL area recently recapitlaized and looking to make a move - JAXB and ACFC. If you put your CFO/BoD hat on EI are they possibly looking at each other??... or is that just not likely?...or No way to guage?

For the record:

Atlantic Coast Feder (ACFC)
$3.85 up 0.03 (0.79%)
Volume: 1,441,417