Atlantic Coast Federal Corp. in Waycross, Ga., has canceled its stock offering because of weak demand for its shares.
The $915 million-asset company had planned to become a fully public company by selling the 63.8% stake owned by its mutual holding company. It had expected to sell 11.5 million to 15.5 million shares at $10 each but said after the stock market closed last Wednesday that it fell short and would return the subscriptions received with interest to prospective investors.
Atlantic Coast is not the only thrift company that has recently canceled or postponed its stock offering until demand for financial institutions' stocks picks up. Earlier this month two Baltimore thrift companies terminated sales of their shares and said they would return any funds raised.
