NEW YORK – Maybe it was the diminished interest bank stocks have been getting generally on Wall Street. Or maybe it was the skepticism that greets any initial public offering these days. But whatever the reason, Atlantic Coast Federal Corporation, the stock issuing arm for Atlantic Coast Federal Bank, a $499 million bank headquartered in Waycross, Georgia, only posted a modest showing for a bank IPO. The bank which used to be the Atlantic Coast Federal Credit Union converted to a federal bank charter in November 2000. The bank stock opened on the NASDAQ exchange at $11.40 per share and dipped slightly at one point to $11.37, below its original asking price, before rising to close the day at $11.75, an increase of $0.38 or 3.34% for the day. Other former credit union bank IPOs have opened far stronger. Still, in its initial filing, the former credit union-turned-bank has told the Securities and Exchange Commission that it would offer between just over four million shares and 6.3 million shares at $10.00 per share, so the offering price came in at $1.40 per share over what the credit union had initially anticipated. The bank’s officers and directors have pledged to purchase between 668,000 and 784,000 shares of the offering and the employee stock offering plan will purchase 8% of the offering, according to the company’s initial filing with the SEC. According to the filing, directors Robert Larison and I. J. McGahee each pledged to purchase 50,000 shares, at $10.00 per share, earning them each $87,500 in profit on Atlantic’s first day. Director Jon C. Parker pledged to buy 40,000 shares ($70,000 in profit), while others opted to purchase smaller amounts: Forrest Sweat, Jr., 35,000 ($61,250); Robert Smith, 15,000 ($25,250), Denise Woods and John Hinson, 12,500 ($21,875); and 12,400 ($21,700) respectively, Charles Martin, 11,000 ($19,250) and Cyril Morris, 5,000 ($8,750). Treasurer Phillip Hubacher pledged to purchase 40,000 shares ($70,000 in profit); Senior Vice President Herman Klinger, 25,000 ($43,750); Senior Vice President Diane Wade, 22,000 ($38,500); Senior Vice President Marsha Boyette,15,000 ($26,250); Senior Vice President, Joeanne Heinrich, 9,000 ($15,750). -

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