Atlantic Coast Financial Corp (fka ACFC)

[Enterprising Investor]

The Office of the Comptroller of the Currency Lifts Its Consent Order against Atlantic Coast Bank (3/31/15)

JACKSONVILLE, Fla., Mar 31, 2015 (BUSINESS WIRE) -- Atlantic Coast Financial Corporation (the "Company,"), the holding company for Atlantic Coast Bank (the "Bank"), today announced that The Office of the Comptroller of the Currency (the "OCC"), Department of the Treasury, has terminated the Consent Order (the "Order") against the Bank, which was originally issued on August 10, 2012, finding that the Bank has attained compliance with the Order. Simultaneously, the OCC has reclassified the Bank as a "well-capitalized" institution, removing the "troubled-condition" designation.

Commenting on the announcement, John K. Stephens, President and Chief Executive Officer of the Company and the Bank, said, "We are pleased to announce that Atlantic Coast Bank has complied fully with the requests made by the OCC and is now recognized as a well-capitalized institution. This action is the culmination of a journey that began almost two years ago, one that involved diligent and tireless efforts by our Board of Directors and management team and which was highlighted by our successful capital raise in December 2013.

"No longer subject to the business and other restrictions that come with a troubled-condition designation, the Bank now has the liberty to explore additional avenues for expansion, including those related to our product offerings, additional lines of business and new markets," Stephens continued. "It also frees us from pricing and structural restrictions on our deposit offerings. In summary and most importantly, this action gives us the institutional freedom to pursue strategic alternatives that are in the best interests of the Company and our stockholders. I'd like to thank all those within our organization who have worked so hard towards this accomplishment as together we help build the premier community bank in our markets."

About the Company

Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving Northeast Florida and Southeast Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Relations.

http://www.marketwatch.com/story/the-office-of-the-comptroller-of-the-currency-lifts-its-consent-order-against-atlantic-coast-bank-2015-03-31