Bookrunner FBR Capital Markets helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 27 - Atlantic Coast Financial Corp. said it priced a $42 million public sale of stock with a $6.3 million greenshoe. The deal was announced Sept. 10.
The company will sell 11.2 million common shares at $3.75 per share. The price per share is a 1.83% discount to the Nov. 26 closing share price of $3.82.
FBR Capital Markets & Co. is the bookrunning manager.
Settlement is expected Dec. 3.
Proceeds will be used for general corporate purposes, including contributing substantially all of the proceeds to Atlantic Coast Bank to maintain capital ratios at required levels and to support growth in the bank's loan and investment portfolios.
The bank holding company is based in Jacksonville, Fla.
| Issuer: | Atlantic Coast Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $42 million
|
| Greenshoe: | $6.3 million
|
| Shares: | 11.2 million
|
| Price: | $3.75
|
| Warrants: | No
|
| Bookrunner: | FBR Capital Markets & Co.
|
| Announcement date: | Sept. 10
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 3
|
| Stock symbol: | Nasdaq: ACFC
|
| Stock price: | $3.82 at close Nov. 26
|
| Market capitalization: | $9.85 million
|
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