Atlantic Coast Financial Corporation Closes $48.3 Million Public Offering of Common Stock, Including Exercise of Underwriters’ Over-Allotment Option

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced the closing of its previously announced underwritten offering of its common stock. The Company raised $48.3 million in gross proceeds by issuing 12,880,000 shares of its common stock, which included the issuance of an additional 1,680,000 shares as a result of the exercise of the underwriters’ over-allotment option, at a price to the public of $3.75 per share. FBR Capital Markets & Co. acted as the sole book-running manager for the offering.