WAYCROSS, Ga. (12/14/07)--A second-step conversion and public offering for a former Georgia credit union has been terminated, the holding company for Atlantic Coast Bank announced Wednesday. “Market conditions for bank and thrift stocks, especially in the Florida market, have changed significantly since we began the stock offering process seven months ago,” said Atlantic Coast Federal Corporation President/CEO Robert J. Larison Jr., referring to the mortgage crisis. In November, the community portion of its second-step offering had been extended to Dec. 28. However, because subscriptions from depositors received to date were not sufficient to reach the minimum of the offering range, the second-step conversion was terminated (Business Wire Dec. 12). The recently formed Maryland corporation is the proposed holding company for Atlantic Coast Bank and a successor company to Atlantic Coast Federal Corp. The bank was organized in 1939 as Atlantic Coast FCU to serve employees of the Atlantic Coast Line Railroad. In November 2000, the credit union converted to a federal mutual savings association charter. In January 2003, Atlantic Coast Federal Corp. was formed as the holding company. Atlantic Coast Federal Corp. completed its initial public stock offering in October 2004 (News NowOct. 19).