Atlantic Coast Financial Corp (fka ACFC)

[56Chevy]

Atlantic Coast Financial Corporation Announces That the Proposed Merger with Bond Street Holdings, Inc. Failed to Receive Stockholder Approval

Press Release: Atlantic Coast Financial Corporation – Tue, Jun 11, 2013 10:50 AM EDT

JACKSONVILLE, Fla.--(BUSINESS WIRE)--

Atlantic Coast Financial Corporation (the "Company" or "Atlantic Coast Financial")(ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that the proposed merger with Bond Street Holdings, Inc. ("Bond Street") did not receive stockholder approval at today's special meeting of stockholders. Likewise, a proposal that would have approved an adjournment of the meeting to allow for the solicitation of additional votes failed to receive stockholder approval.

The Company's Board of Directors had recommended the proposed merger with Bond Street because the Board concluded it represented the best alternative for all stockholders in addressing the demands that currently face the Company, including the Bank's ability to meet the capital requirements of the regulatory consent order under which it currently operates. However, the Board respects the decision of stockholders and, accordingly, it will begin to evaluate other strategic alternatives immediately, including a possible recapitalization, as the Board continues to carry out its normal corporate governance responsibilities.

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http://finance.yahoo.com/news/atlantic-coast-financial-corporation-announces-145000441.html