ACBB 2017 Financial Results

ACBB reported net income (unaudited) of $2,732,495, yielding an ROAA of 0.43%.  This included a deferred tax adjustment of $1,594,173 which was primarily due to our robust loan loss reserve coverage.  On a consolidated holding company basis, earnings were $2,549,941, primarily due to merger related legal expenses.  It should be noted without the DTA we would have experienced near record levels of earnings.  Please also note, remaining estimated merger related expenses (i.e. severance, vendor contracts) of approximately $500K will be realized within the first half of 2018.  

CEO Corner

 By Jon Evans

We closed our merger with Bankers’ Bank Northeast on January 1, 2018. The final share exchange ratio was .2578 shares of BBN Financial Corporation for each share of Atlantic Community Bancshares, Inc. A transmittal letter was mailed out to all former BBN shareholders on January 30, 2018.  We appreciate your help in returning all BBN certificates to be reregistered. Please note any fractional shares will be paid out in cash and returned with your new certificates. 

Lending Profile

ACBB provides direct financing to banks, bank holding companies and their directors, senior officers and major shareholders.  We also purchase loan participations in commercial loans originated by community banks and sells sub-participations in both those loan participations and the loans we originate.  

What is Next for Marijuana?

Kevin Martin, CRCM, CAMS

Compliance Anchor Consultant

Marijuana has been a hotly debated topic in many public forums. However, financial institutions considering offering services to Marijuana Related Businesses (“MRBs”) have been very private about their intentions. Why?  Marijuana is still illegal on the federal level, and financial institutions are treading very carefully.

Merger Update

By Jon Evans President & CEO, ACBB

I wanted to provide everyone with an update on our merger with Bankers’ Bank Northeast (BBN) and what it will mean for our shareholders and customers.