The mass exodus of Atlantic Coast Financial Corp.’s board members continues — with the chairman being the latest.
In a Securities and Exchange Commission filing last week, the company said John Linfante, who was also its audit committee financial expert, had resigned.
In the filing, ACFC said it believes director nominee Kevin Champagne would qualify as a financial expert and serve on the audit committee, if elected at the annual meeting Aug. 16, and subject to the receipt of non-objection by the Federal Reserve Bank of Atlanta to his service on the board.
Jacksonville-based Atlantic Coast Financial (Nasdaq: ACFC) is the holding company for Atlantic Coast Bank. Linfante also resigned from the board of Atlantic Coast Bank, effective Aug. 14.
Linfante's resignation comes nearly two months after ACFC’s president and CEO Tom Frankland, as well as three board members, announced they would not stand for re-election.
The departures continue the changing of the guard at the Jacksonville bank following a merger attempt with Bond Street Holdings Inc. that was voted down by shareholders in June.
Jay Sidhu, a member of the board, said in an email Tuesday that Linfante's departure "will have no affect whatsoever on ACFC or its listing. All three board members we are adding would be qualified to be financial experts or audit committee members."
Sidhu previously nominated Champagne, John Dolan and Dave Bhasin for election in a public letter he sent to the board
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