WAYCROSS, Ga. – The Atlantic Coast Federal Corporation, the stock issuing arm of the former Atlantic Coast Federal Credit Union which became Atlantic Coast Federal Bank in November of 2000, has begun selling stock to its depositors at $10.00 per share. The company told the Securities and Exchange Commission originally that it would offer between four and six million shares, but the downturn in the market has led to revaluation. Now the former credit union will offer between 3.7 and 5.8 million shares at the same price. The company officers told the SEC that they will buy between 688,000 and 784,000 shares. The company is adopting a mutual holding company structure in which a mutual holding company will own the stock issuing arm which in turn owns the bank. The mutual holding company retains its mutual structure. The offering to depositors will close by mid-September and the stock should start being traded on the NASDAQ exchange at the end of September.