Atlantic Coast Financial
 |
|
| Public | |
| Traded as | NASDAQ: ACFC |
| Industry | Banking, Financial Services |
| Predecessors | Atlantic Coast Federal Corporation, Atlantic Coast Federal MHC, Atlantic Coast Federal, Atlantic Coast Federal Credit Union |
| Founded | Waycross, Georgia, U.S. (1939)[1] |
| Headquarters | 4655 Salisbury Rd, Suite 110 Jacksonville, Florida, U.S. |
|
Area served
|
Northeast Florida Southeast Georgia |
|
Key people
|
K.G. Champagne (Chairman) J.J. Dolan (Vice Chairman) J.K. Stephens, Jr. (President and CEO) T.L. Keegan (Executive Vice President and CFO) |
| Products | Personal Banking, Business Banking |
| Profit | US$ 6.0 million (for the six months ended June 30, 2015)[2] US$ 1.3 million (for the year ended December 31, 2014)[3] |
| Total assets |  US$ 810.4 million (as of June 30, 2015)[2] |
| Total equity | US$ 78.1 million (as of June 30, 2015)[2] |
|
Number of employees
|
172 (as of December 31, 2014)[3] |
| Website | atlanticcoastbank.net |
Atlantic Coast Financial Corporation is an American 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.
Contents
Offices and Branches
Atlantic Coast Bank operates seven branches and one administrative office (which includes a stand-alone ATM) in Northeast Florida and four branches in Southeast Georgia. The Northeast Florida branches include Neptune Beach, Jacksonville Beach, the southside of Jacksonville, the westside of Jacksonville, Arlington, Julington Creek, and Orange Park. The Southeast Georgia branches include Waycross (2), Douglas, and Garden City (Savannah). In addition, Atlantic Coast Bank has lending offices in Gainesville, Florida and Saint Simons Island, Georgia, and has an SBA lending office in Orlando, Florida, which funds small business loans in Florida, Georgia, North Carolina, and South Carolina.
Banking and Financial Services
Atlantic Coast Bank's specific services include, but are not limited to, deposit accounts, mortgage loans, auto loans, personal loans, credit cards, commercial loans, SBA loans, warehouse lending, and wealth management.[4]
History
The bank first opened its doors in 1939 as Atlantic Coast Federal Credit Union in Waycross, Georgia, servicing the employees of the Atlantic Coast Line Railroad.
In November 2000, after receiving the necessary regulatory and membership approvals, Atlantic Coast Federal Credit Union converted to a federal mutual savings bank known as Atlantic Coast Federal. The conversion allowed Atlantic Coast Federal to diversify its customer base by marketing products and services to individuals and businesses within its market areas.
In January 2003, Atlantic Coast Federal Corporation was organized for the purpose of acquiring all of the capital stock that Atlantic Coast Federal issued upon its mutual holding company reorganization from the mutual to stock form of ownership. In October 2004, Atlantic Coast Federal Corporation completed a minority stock offering in which it sold 5,819,000 shares, or 40%, of its common stock to eligible depositors and Atlantic Coast Federal Corporation’s Employee Stock Option Plan. The remaining majority of the 14,547,500 outstanding shares were owned by Atlantic Coast Federal, MHC, a federally chartered mutual holding company.
In July 2006, Atlantic Coast Federal, now a federally chartered stock savings association, was renamed Atlantic Coast Bank, to better reflect the nature of its operations.
In February 2011, the second step of the conversion from the mutual holding company structure was completed, along with a related public offering. As a result of the conversion, Atlantic Coast Federal, MHC and Atlantic Coast Federal Corporation, the holding companies of Atlantic Coast Bank, were merged into Atlantic Coast Financial Corporation, a Maryland corporation. Atlantic Coast Bank is 100% owned by Atlantic Coast Financial Corporation, and Atlantic Coast Financial Corporation is 100% owned by public stockholders (NASDAQ: ACFC).
In February 2013, Bond Street Holdings and its bank subsidiary, Florida Community Bank, attempted to acquire Atlantic Coast Financial Corporation and Atlantic Coast Bank, however, the deal was voted down by Atlantic Coast Financial Corporation's shareholders in June 2013.
In December 2013, Atlantic Coast Financial Corporation raised $48.3 million in gross proceeds by issuing 12,880,000 shares of its common stock in a public offering. Net proceeds from the public offering were $44.9 million after underwriting discounts and offering expenses of $3.4 million. Atlantic Coast Financial Corporation contributed $44.0 million of the net proceeds of the offering to Atlantic Coast Bank to maintain capital ratios at required levels, to support growth in the Bank's loan and investment portfolios, and for general corporate purposes.
Community Involvement
Atlantic Coast Bank supports the following organizations and initiatives in Northeast Florida and Southeast Georgia:
- United Way of America
- HabiJax, a local Habitat for Humanity program in Jacksonville, Florida
- Get Smart About Credit Day, an American Bankers Association Education Foundation program
- Teach Children to Save Day, an American Bankers Association Education Foundation program
- Kilwins Ice Cream Run, a 5K race (and 1 mile Fun Run/Walk) to benefit Clarke Schools for Hearing and Speech in Jacksonville, Florida (Bronze Sponsor in 2015)
