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Former CU to convert to stock organization
WAYCROSS, Ga. (6/18/10)--The mutual holding company of a former Georgia credit union that converted to a mutual savings bank in 2000 has adopted a plan to convert to a stock form of organization. Atlantic Coast Federal Corp. announced the planned conversion of the Atlantic Coast Federal, the mutual holding company, in a press release Thursday. Atlantic Coast Bank, which had about $914 million in assets as of March 31, is the former Atlantic Coast FCU, which was based in Waycross, Ga. The credit union converted to a federal mutual savings association in November 2000. In January 2003, the Atlantic Coast Federal Corp. was formed as the holding company. The company completed its initial public stock offering in October 2004. The mutual holding company currently owns about 65% of the outstanding shares of common stock in the company, which owns 100% of the issued and outstanding shares of the capital stock of the bank. The conversion is subject to the approval of the Office of Thrift Supervision, the mutual holding company's depositors, and the company's stockholders. The conversion and offering are expected to be completed by late third quarter or early fourth quarter of 2010.


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