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Re: 56Chevy post# 2

Thursday, 08/22/2013 6:38:37 PM

Thursday, August 22, 2013 6:38:37 PM

Post# of 64
Atlantic Coast Financial CEO, board members out

Jun 21, 2013, 12:30pm EDT

Atlantic Coast Financial Corp. is in the midst of a changing of the guard.

President and CEO Tom Frankland is planning to resign and three board members have announced they will not stand for re-election at the next annual stockholders meeting Aug. 13, according to a document filed with the Securities and Exchange Commission Thursday.

The news comes less than two weeks after shareholders voted down a proposed merger with Bond Street Holdings Inc.

Frankland’s resignation is effective July 1. Chief Financial Officer Thomas Wagers will be appointed interim president and CEO.

In the same filing, the board nominated John Dolan, Kevin Champagne and Dave Bhasin for election to the board. Board member Jay Sidhu previously offered the three as nominees in a public letter he sent to the board.

The day after the shareholder vote, Sidhu all but said the only chance for the bank’s survival is if it gets a new CEO and a new board of directors.

It appears he is getting his way.

Jacksonville-based Atlantic Coast Financial (Nasdaq: ACFC) is the holding company for Atlantic Coast Bank.

[....]

http://www.bizjournals.com/jacksonville/blog/2013/06/atlantic-coast-financial-ceo-board.html





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