|Atlantic Coast Financial Corporation, headquartered in Jacksonville, Florida, is the holding company for Atlantic Coast Bank, a community-oriented financial institution serving northeastern Florida and southeastern Georgia markets through 12 locations, including a focus on the Jacksonville metropolitan area. A federally chartered and insured savings bank, Atlantic Coast Bank was organized in 1939 as a credit union to serve the employees of the Atlantic Coast Line Railroad. In November 2000, the credit union converted its charter from a federal credit union to a federal mutual savings bank. Atlantic Coast Financial Corporation became the successor company to Atlantic Coast Federal Corporation after its conversion from a mutual holding company structure to a stock corporation in February 2011.
In December 2013, Atlantic Coast Financial Corporation raised $48.3 million in gross proceeds by issuing 12,880,000 shares of common stock, including 1,680,000 shares resulting from the exercise of the underwriters’ over-allotment option. The Company intends to use the net proceeds of the offering to strengthen Atlantic Coast Bank's capital position, meet and maintain capital ratios at required levels, and support growth in the Bank's loan and investment portfolios.
Atlantic Coast Bank is focused on attracting retail deposits and investing those funds in traditional loan opportunities, including one- to four-family residential mortgages, home equity, commercial real estate, automobile and consumer loans. Atlantic Coast Bank also originates multi-family residential mortgage loans, commercial business loans and construction loans within its geographic footprint.