Bookrunner FBR Capital Markets helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 3 - Atlantic Coast Financial Corp. said the underwriters for its public sale of stock opted to exercise the deal's $6.3 million greenshoe in full for total proceeds of $48.3 million. The deal was announced on Sept. 10 and priced for $42 million with the greenshoe on Nov. 27.
The company sold 12.88 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. Of the shares, 1.68 million were part of the fully exercised greenshoe.
FBR Capital Markets & Co. was the bookrunning manager.
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: | $48.3 million (including $6.3 million greenshoe)
|
| Shares: | 12.88 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: | $9.8 million
|
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