Atlantic Coast Financial Prices $42M Offering at $3.75/Share

Atlantic Coast Financial Corporation (the "Company")

, the holding company for Atlantic Coast Bank (the "Bank"), today announced the pricing of its previously announced underwritten offering of $42.0 million of its common stock at a price to the public of $3.75 per share. FBR Capital Markets & Co. is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,680,000 shares of common stock, solely to cover over-allotments, if any. Net proceeds from the sale of the shares after underwriting discounts and estimated offering expenses are expected to be approximately $39.2 million. If the underwriters exercise their over-allotment option in