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
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