Atlantic Coast Federal Corporation Surges; Announces Its Commencement Of Stock Offering

Atlantic Coast Federal Corporation (NASDAQ:ACFC) shares are currently trading at $1.50, a spike of 10.29% from previous closing price of $1.36. The company's shares have 52-week trading range of $4.25 – $1.08. The stock is trading at volume of 511shares. The market capitalization of the company is $20.1 million. Recently, the company announced its commencement of stock offering for sale the 65.1% ownership interest in the company currently owned by Atlantic Coast Federal, MHC, which is equivalent to between $17.0 million and $23.0 million, or between 1,700,000 and 2,300,000 shares of common stock at $10.00 per share. The company may increase the number of shares that it sells in the offering, without notice to persons who have subscribed for shares, by up to 15%, to $26.5 million or 2,645,000 shares at $10.00 per share, as a result of market demand or changes in the financial markets. The number of shares to be sold in the offering is based on an independent appraisal of the estimated pro forma market value of Atlantic Coast Financial Corporation as of August 20, 2010. Atlantic Coast Federal Corporation's primary activity is holding all of the stock of Atlantic Coast Bank. The Bank's principal business consists of attracting retail deposits from the general public and investing those funds primarily in permanent loans secured by first mortgages on owner-occupied, one- to four-family residences, home equity loans, commercial real estate loans and, to a lesser extent, automobile and other consumer loans. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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