Atlantic Coast Financial considers new strategy
(AP) JACKSONVILLE, Fla. — Shares of Atlantic Coast Financial Corp. surged almost 50 percent Monday after the company said it hired a consultant to pursue new a strategy that could include a merger or a new rights offering.The shares surged 42 cents, or 48.3 percent, to $1.29 in morning trading. But they were trading $1.05 — near their 52-week low of 87 cents — when the day began and they remain well below their year-high of $10.44.
The company said its board of directors hired Stifel, Nicolaus & Co. to help the company explore "strategic alternatives to enhance stockholder value."
Earlier this month, Atlantic Coast Financial told its investors that it might raise new capital with a rights offering on the heels of a stock offering that was completed in February. The company is trying to increase its capital reserves, which give banks a financial cushion. Atlantic Coast Financial said it must have a ratio of capital reserves to debt of 7 percent. Its ratio was 6.22 percent as of Sept. 30.
The company said it received permission from regulators at the Federal Reserve to pursue its new strategies.
Atlantic Coast Financial is the bank holding company for Atlantic Coast Bank. The bank does retail customer business primarily in northeastern Florida and southeastern Georgia. Its loan portfolio included commercial and residential real estate loans and consumer loans.
Cash Loans In Jacksonville Florida - News
(AP) JACKSONVILLE, Fla. — Shares of Atlantic Coast Financial Corp. surged almost 50 percent Monday after the company said it hired a consultant to pursue new a strategy that could include a merger or a new rights offering. The shares surged 42 cents,
"I have known Wayne for some time and have long admired his spirit, which nearly 20 years ago - against all odds - helped make the Jaguars and the National Football League a reality for Jacksonville and North Florida. Wayne's legacy will be lasting,
Their trip to Jacksonville would mark the team's third consecutive post-season bowl appearance. • The assets of four national banks in the state were pooled through the formation of a holding company, First Bancorporation of Florida.
About 6.4 million loans were either delinquent or in default in September, according to Lender Processing Services Inc. in Jacksonville, Florida. There were 2.2 million homes in the process of being repossessed by lenders.
Here are the three largest SBA loans given to Northeast Florida businesses in FY 2011. The list has the amounts for a total of 50 area businesses. Kobe Inc. and Kan-Ki Inc., Jacksonville, $4.5 million.
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