For the past three years, Atlantic Coast Bank—the banking subsidiary of holding company Atlantic Coast Financial Corporation (NASDAQ: ACFC)—has charted positive growth on the back of strategic and operational restructuring.
That has made ACFC attract angel investments from all across Florida, including a 6.4 percent stake by PL Capital, known for investing in small to midsized banks to gain leverage on their management and strategic functions. Experts see PL’s investment as a move to draw on ACFC’s rising stock value and market share.
As says John Stephens, CEO, Atlantic Coast Bank, ““The bank has attracted a lot of attention over the last 18 months as a result of our $48 million capital raise and successful turnaround strategy. ACB has a strong leadership team that has demonstrated an ability to generate consistent earnings, and the bank is well positioned for continued growth.”
Even as PL’s buyout garners palpable financial interest, Stephens maintains that ACFC will continue unaffected with its own working strategies and protocols. There’s been no further stock purchase initiated by PL since July, though its holding stake in ACFC has been capped at 9.9 percent.
“We continue to execute on our strategy of revenue acceleration, coupled with operational excellence, expense management, and risk mitigation,” Stephens said. “We remain excited about our future, as we’re committed to grow the bank and continue creating shareholder value”, he added.
About Atlantic Coast Financial
Atlantic Coast Financial Corporation is an publicly traded bank holding company headquartered in Jacksonville, Florida (a Maryland corporation) and listed on the NASDAQ Stock Market (NASDAQ: ACFC), which wholly owns Atlantic Coast Bank. Atlantic Coast Bank’s services are focused primarily on Personal Banking and Business Banking in the Northeast Florida and Southeast Georgia regions.
In its May 2015 AGM, the Bank re-elected its two directors for three-year terms: Bhanu Choudhrie, Executive Director of C&C Alpha Group Ltd, a London-based private equity group; and James D. Hogan, retired Chief Risk Officer of the Company and the Bank.