Atlantic Coast Federal Corp. in Waycross, Ga., said late Monday that it would raise about $17.1 million in its mutual-to-stock conversion.
Atlantic Coast Federal, the holding company for the $893 million-asset Atlantic Coast Bank, said in a press release that it would sell 1.7 million shares of common stock at $10 each this week. It expects to complete the transaction on Feb. 3.
Since Atlantic Coast Federal is a public company, its existing shareholders will receive a common stock exchange of the proposed holding company's shares, so they would own roughly the same percentage of stock as before. Once the offering and conversion are complete, the new company, Atlantic Coast Financial Corp., will have about 2.6 million shares outstanding.