Atlantic Coast in Fla. Prices $48.3M Offering

Atlantic Coast Financial Corp. (ACFC) in Jacksonville has priced its public offering at a slight discount to its trading price.

The $716 million-asset company plans to offer shares to the public at $3.75, it said Wednesday, about 2% lower than its Tuesday closing share price of $3.82. Atlantic Coast will sell up to $42 million worth of shares to the public and will give the underwriter, FBR Capital Markets, the option to buy an additional $6.3 million. The $48.3 million offering is set to close Dec. 3.

Atlantic Coast plans to use the money to support its capital ratios. The company is under a 2012 consent order with the Office of the Comptroller of the Currency that requires it to hold a Tier 1 capital ratio of at least 9% and a total risk-based capital ratio of 13%. Those ratios were 4.88% and 10.30% as of Sept. 30, according to the Federal Deposit Insurance Corp.

Atlantic Coast replaced its chief executive and several board members in September, after its shareholders voted down a deal to sell the company to Bond Street Holdings.