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Atlantic Coast Financial Corporation Message Board

  • jags_904 jags_904 Dec 20, 2012 2:37 PM Flag

    Who in their right mind is selling?

    60k shares being bought up today and folks are selling for $2 (and change)? The book value is $17 here guys. Odds are the bank will be sold by EOY (for a discount on BV) - but selling today seems short sighted. You have a chance to make big money here.

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    • Why do you think the bank is going to be sold? The guys running the bank are making good money they sell maybe lose that. The value is only $17 if somebody pays you that. So far no other firms see that value as a reason to buy it. I bet there have been offers made already to buy this bank and declined.

    • Agreed - the volume has been anemic for 6 months. Someone stepped in yesterday and was buying like crazy. I can't imagine that someone is not privy to something bigger taking place. 1 of 3 things are happening. (1) they have a deal to raise capital, (2) someone is about to purchase them or (3) they have a joint deal to sell bad loans and raise capital and remain a stand alone entity (for the time being) in order to get a better price in the next 18 months. Either way, the stock goes up significantly from here...

      Sentiment: Hold

    • I believe the Employee Plan has been selling in volume. It is a retirement plan that has to provide a steady source of income for participants.

      The plan stared with ~450,000 shares, and are probably down to less than 1/3 that now. When the bank sells, they will have no impact on the going rate, as they own less than 5% of outstanding shares.

 
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