Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Former CU terminates second-step conversion
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).


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
3 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
22 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
23 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
23 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago