Atlantic Coast Bank loss increases for quarter
JACKSONVILLE — Atlantic Coast Financial Corporation, (NASDAQ: ACFC), the holding company for Atlantic Coast Bank Friday reported that it had a net loss of $3 million for the second quarter that ended June 30 compared to a net loss of $1.5 million for the same period a year earlier.
For the first six months of 2012, the net loss totaled $4.7 million or $1.89 per diluted share compared with a net loss in the year-earlier period of $4.9 million or $1.98 per diluted share.
The company said the higher net loss for the quarter was due primarily to a higher provision for loan losses and reduced non-interest income related to gains on investment security sales recorded in 2011.
Non-performing assets decreased 11 percent to $40.8 million as of June 30, down from $46.1 million on March 31 and $52.4 million on Dec. 31, 2011.
“Following the improvements we cited in our first quarter report, we were pleased to see the company continue to make headway in several key areas during the second quarter,” said President and CEO G. Thomas Frankland. “Specifically, we witnessed further progress in reducing non-performing assets and lowering deposit costs.”
Savannah retailer expands to S.C.
Custard Boutique, a designer clothing and accessory retail shop at 422 Whitaker St. in Savannah, has announced it will open a second retail location in Greenville, S.C., on Sept. 10.
Owner Tara Kirkland founded Custard Boutique in 2008.
“It’s very important to me for the new location to have a similar energy and vibe to the Savannah store,” Kirkland said. “I plan to bring Savannah’s creative ambiance to the new store in Greenville.”
She said the Greenville store will carry several lines by Savannah designers, including ZIA Boutique and handbags from Satchel.
Custard Boutique’s new shop will be located in the West End historic district of Greenville.
Memorial named to organization’s honor roll
Memorial University Medical Center has been named to the Georgia Hospital Association’s Partnership for Health and Accountability Core Measures Honor Roll.
The honor roll is based on clinical data provided by the federal Centers for Medicaid and Medicare Services.
Hospitals are required to submit care data that details how well a hospital adheres to a list of value-based purchasing core measures. These measures are the clinical processes that are proven to be the most effective methods of treatment for surgical patients and patients who have suffered heart attacks, pneumonia and heart failure.
The Partnership for Health and Accountability includes representation from hospitals, physicians, state health officials, legislators and businesses.