Strategic and organisational reforms have seen Atlantic Coast Financial Corporation (NASDAQ: ACFC), the holding company for Atlantic Coast Bank, chart out three years of financial resurgence wherein it broke beyond solvency into a full-scale profit-making unit.
That has invoked investor interest in the company and lead to Illinois based investment firm PL Capital Group claiming a 6.4 percent stake in ACFC. PL Capital is largely known for making investments in small to midsized banks for influencing strategy formulation and operational management. The investment in Atlantic Coast is likely inspired by the group’s track record which’s been throwing up bundle of opportunities along the way.
As puts John Stephens, CEO, Atlantic Coast Bank, “The bank has attracted a lot of attention over the last 18 months as a result of our $48 million capital raise and successful turnaround strategy. ACB has a strong leadership team that has demonstrated an ability to generate consistent earnings, and the bank is well positioned for continued growth.”
PL Capital has not had any further buy-up in the company since July and there’s been no indication of any purchase. There is a 9.9 percent capping on PL’s stake in ACFC, which is not resorting to anything different in response to the investment.
“We continue to execute on our strategy of revenue acceleration, coupled with operational excellence, expense management, and risk mitigation,” Stephens said. “We remain excited about our future, as we’re committed to grow the bank and continue creating shareholder value”, he said.
About Atlantic Coast Financial
Atlantic Coast Financial Corporation is an 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.
At its annual general meeting in May 2015, the Bank re-elected another consecutive three-year term two of its directors: Bhanu Choudhrie, Executive Director of C&C Alpha Group Ltd, a London-based private equity group; and James D. Hogan, retired Chief Risk Officer of the Company and the Bank.
That has invoked investor interest in the company and lead to Illinois based investment firm PL Capital Group claiming a 6.4 percent stake in ACFC. PL Capital is largely known for making investments in small to midsized banks for influencing strategy formulation and operational management. The investment in Atlantic Coast is likely inspired by the group’s track record which’s been throwing up bundle of opportunities along the way.
As puts John Stephens, CEO, Atlantic Coast Bank, “The bank has attracted a lot of attention over the last 18 months as a result of our $48 million capital raise and successful turnaround strategy. ACB has a strong leadership team that has demonstrated an ability to generate consistent earnings, and the bank is well positioned for continued growth.”
PL Capital has not had any further buy-up in the company since July and there’s been no indication of any purchase. There is a 9.9 percent capping on PL’s stake in ACFC, which is not resorting to anything different in response to the investment.
“We continue to execute on our strategy of revenue acceleration, coupled with operational excellence, expense management, and risk mitigation,” Stephens said. “We remain excited about our future, as we’re committed to grow the bank and continue creating shareholder value”, he said.
About Atlantic Coast Financial
Atlantic Coast Financial Corporation is an 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.
At its annual general meeting in May 2015, the Bank re-elected another consecutive three-year term two of its directors: Bhanu Choudhrie, Executive Director of C&C Alpha Group Ltd, a London-based private equity group; and James D. Hogan, retired Chief Risk Officer of the Company and the Bank.
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