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Atlantic Coast Financial Corporation Message Board

  • sambordulac sambordulac Dec 24, 2012 8:57 AM Flag

    Consent order

    Hi, Gentlemen, and Ladies, if you are here too,

    Enjoyed your lively discussions here.

    The bank receive a consent order in December 2010. Then another on in August 2012.
    The order mainly centered around capital adequacy, requiring it to shore up t-1 to 9% and total core to 13%. This may require additional $32 million just to satisfy the regulators.

    The bank is still losing about a million per quarter. Combined with such weak condition, I would normally not be interested. However, core earning before credit related cost/losses are rather strong and credit only grudgingly improved. Operation wise, it could possibly succeed in the race against charge offs. If not for the consent orders, I might be interested.

    At this market cap and with such small insider ownership, management would be more concerned with their jobs. Selling out to would-be new master is nor unfathomable.

    Merry Christmas,

    Sam

    PS I assume it did not take part in TARP. Let me know if I am wrong. Thanks.

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