JACKSONVILLE, Fla.–A former credit union that converted to a mutual savings bank charter in 2000 has now announced plans to convert from a federal bank charter to a state charter.
Atlantic Coast Bank, which began its life in Waycross Georgia as a credit union chartered to serve employees of the then Atlantic Coast Line Railroad, and its parent company, Atlantic Coast Financial Corp., stated in a filing with the Securities and Exchange Commission that it has applied to the Florida Office of Financial Regulation to convert from a federally chartered savings bank to a state-chartered commercial bank.
Atlantic Coast Bank in 2004 abandoned the mutual savings bank charter and went public.
The filing states the move will not impact customers, but also does not provide a reason for seeking the change. A spokesperson for the bank, however, said the move is being made from a federal to a state charter to ease its regulatory burden.
Atlantic Coast Bank is also applying for membership to the Federal Reserve System.
Atlantic Coast Financial overhauled its management in 2013 after six straight years of losses, and turned profitable in 2014.