Atlantic Coast Financial Corporation of Jacksonville, Florida, will open commercial banking and mortgage origination offices in Orlando and Tampa while spinning off its Garden City, Georgia branch to a Louisville, Georgia-based company.
Expected to close in the first quarter of 2016, the branch sale is unlikely to have a material impact on the company's assets, loan portfolio or earnings, and the company plans continued expansion in the Savannah market.
"As the company executes its growth initiatives, we remain focused on evaluating all strategic alternatives to enhance our long-term trajectory,” President and CEO John K. Stephens, Jr. said. “We believe continued expansion in attractive Florida markets will allow us to build our business, increase our visibility with customers and leverage our infrastructure, and we are excited by the opportunities we see in both Orlando and Tampa.”
Stephens added that the sale of Atlantic Coast’s Garden City outpost allows the firm to focus on their Florida market. The company recently reported year-over-year loan growth of 28 percent and will remain dedicated to growth and expansion.
"As always, our actions are guided by what we believe are the best interests of our customers, stockholders, and employees,” Stephens said. “Furthermore, we remain focused on revenue acceleration, company growth, and market expansion, all of which are supported by the unwavering commitment of our team members."
Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving northeastern Florida and southeastern Georgia markets.
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