Atlantic Coast Federal Corp. of Waycross, Ga., plans to convert from a mutual holding company structure to a fully public company.
Processing Content
The $886 million-asset Atlantic issued 36% of its stock in an October 2004 initial public offering and formed a mutual holding company to retain the rest.
The parent of Atlantic Coast Bank, which has 14 branches in Georgia and Florida, said Monday that it would sell the rest of its stock in a second-step offering expected to be completed in the fourth quarter.
Its shares have risen roughly 30% in the last year and are trading at nearly double the IPO price. By late Tuesday they had dropped slightly from Monday's close, to $19.42.
Atlantic, a former credit union, converted to a mutual thrift in November 2000.
