WAYCROSS, Ga. – Atlantic Coast Federal, a former credit union, yesterday said it has been approved by the Office of Thrift Supervision to complete the second step of its two-step stock offering by selling the remaining 63.8% of the banking company to the public. The company, known until November 2000 as Atlantic Coast FCU, plans to raise up to $280 million with the sale of as many as 15.2 million shares. The former credit union, chartered in 1939 to serve employees of Atlantic Coast Railroad, sold a minority stake to the public in 2004. The offering is being underwritten by Stifel, Nicolaus & Company. The credit union-convert now holds $890 million in assets; almost triple its size when it converted from a credit union.
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