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$145M Atlantic Coast Bank Sale Targeted In Shareholder Suit

Law360 (March 7, 2018, 10:15 PM EST) -- An Atlantic Coast Financial Corp. shareholder has filed a putative class action in Florida federal court seeking to block a $145 million acquisition of the Southeastern bank by Ameris Bancorp, arguing that a recently filed statement on the transaction omitted key information, in violation of securities laws.

The deal, which was announced Nov. 17, would merge Jacksonville, Florida-based Atlantic Coast Bank with Georgia-based Ameris Bank, forming a combined company with approximately $8.6 billion in assets, $6.9 billion in loans and $6.6 billion in deposits along with...
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Case Information

Case Title

Parshall v. Atlantic Coast Financial Corporation et al


Case Number

3:18-cv-00316

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

Marcia Morales Howard

Date Filed

March 5, 2018

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