Atlantic Coast Financial Prices Public Offering - Quick Facts

(RTTNews) - Atlantic Coast Financial Corp. (ACFC), the holding company for Atlantic Coast Bank, announced the pricing of its underwritten offering of $42.0 million of common stock at a price to the public of $3.75 per share. The company has granted the underwriters a 30-day option to purchase up to an additional 1.68 million shares of common stock, solely to cover over-allotments, if any.

The company expects net proceeds from the sale of the shares after underwriting discounts and estimated offering expenses to be approximately $39.2 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering are expected to be approximately $45.2 million.