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ACFC > SEC Filings for ACFC > Form 8-K on 20-Jun-2013All Recent SEC Filings

Show all filings for ATLANTIC COAST FINANCIAL CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ATLANTIC COAST FINANCIAL CORP


20-Jun-2013

Change in Directors or Principal Officers, Other Events


Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) On June 14, 2013, Directors Charles E. Martin, Jr., Forrest W. Sweat, Jr. and Thomas F. Beeckler informed the Board of Directors of Atlantic Coast Financial Corporation (the "Company") and the Board of Directors of Atlantic Coast Bank (the "Bank") that they will not stand for re-election at the next annual meeting of stockholders of the Company and the Bank. On June 17, 2013, G. Thomas Frankland informed the Board of Directors of the Company and the Board of Directors of the Bank that he is resigning his positions as President, Chief Executive Officer and Director of the Company and as Chairman of the Board, President, Chief Executive Officer and Director of the Bank, effective July 1, 2013. The Board of Directors of the Company will immediately begin a search for a permanent President and Chief Executive Officer for the Company and the Bank.

(c) On June 17, 2013, the Board of Directors of the Company and the Board of Directors of the Bank appointed Chief Financial Officer, Thomas B. Wagers, Sr., age 56, Interim President and Chief Executive Officer of the Company and the Bank, effective July 1, 2013. The appointment remains subject to the regulatory approval of the Federal Reserve Bank of Atlanta and the Office of the Comptroller of the Currency. Mr. Wagers has served as the Chief Financial Officer of the Company and the Bank since May 2009. He previously served as the Chief Operating Officer of the Bank from December 2006 to May 2009. Mr. Wagers has over 20 years of banking experience.



Item 8.01. Other Events.

The Company will hold its annual meeting of stockholders on August 16, 2013 and will consider the election of new directors to the Company's Board. The Governance/Nominating Committee of the Company has nominated John J. Dolan, Kevin G. Champagne and Dave Bhasin for election to the Board of Directors of the Company for a three year term expiring at the annual meeting of stockholders in 2016. Mr. Dolan was formerly Chief Executive Officer, Chief Financial Officer and director of First Commonwealth Financial Corporation, the bank holding company and parent corporation of First Commonwealth Bank. Mr. Champagne was formerly President and Chief Executive Officer of Seacoast Financial Services Corporation ("Seacoast"), parent company of Compass Bank for Savings. Following Seacoast's acquisition by Sovereign Bancorp, Mr. Champagne served on Sovereign Bank's Board of Directors until 2007. Mr. Bhasin is the Chief Executive Officer of D.B. Concepts, a company which operates franchised restaurants in eastern Pennsylvania. The three nominees were proposed by Directors Jay Sidhu and Bhanu Choudhrie in a letter to the Board of Directors of the Company received on February 13, 2013. The three nominees will be reviewed by the Federal Reserve Bank of Atlanta in accordance with applicable Federal Reserve Board regulations in order to serve on the Company's Board.


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