Atlantic Coast Financial Corporation Commences Public Offering of Common Stock

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that it has commenced an underwritten public offering of $42 million of its common stock. FBR Capital Markets & Co. is acting as the sole book-running manager for the offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold, solely to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.