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Former CU extends stock repurchase plan
WAYCROSS, Ga. (8/4/08)--Atlantic Coast Federal Corp., a holding company for Atlantic Coast Bank, a former credit union, announced Friday that it expanded and extended its stock repurchase program. Atlantic Coast Bank was organized in 1939 as a credit union to serve Atlantic Coast Line Railroad employees. The bank currently serves Georgia and northeastern Florida. Atlantic Coast’s board extended the stock program to July 31, 2009. The program was set to expire at the end of this month. The board also reauthorized the repurchase of up to 220,000 additional shares, increasing to 277,000 the total shares subject to repurchase. The corporation has more than 13.5 million shares outstanding, including over 4.4 million publicly held shares. Atlantic Coast Federal holds 8.7 million shares, or 64% of the company’s total outstanding stock. Those shares will not be publicly traded and are not included in the repurchase program. Atlantic Coast completed its initial public stock offering in October 2004.


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