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ACFC > SEC Filings for ACFC > Form 8-K on 6-Sep-2013All Recent SEC Filings

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



Other Events

Item 8.01. Other Events

On August 30, 2013, the Federal Reserve Bank of Atlanta notified Atlantic Coast Financial Corporation (the "Company") that it did not have any objection to the appointments of Kevin G. Champagne and John J. Dolan as directors of the Company. Messrs. Champagne and Dolan began their service as directors of the Company effective August 30, 2013. Messrs. Champagne and Dolan were elected to the board of directors by stockholders at the Company's annual meeting on August 16, 2013. As a result of the appointment of the two new directors, Messrs. Thomas F. Beeckler's and Charles E. Martin's service on the board has ended.

Stockholders also elected Mr. Dave Bhasin to the board of directors of the Company at the annual meeting on August 16, 2013. The Federal Reserve Bank of Atlanta has not completed its review of Mr. Bhasin and his appointment as a director remains subject to the Federal Reserve Bank of Atlanta's non-objection.

Also on August 30, 2013, the board of directors of the Company appointed Messrs. Champagne and Dolan to the Audit Committee naming Mr. Dolan as Chairman and designating Mr. Champagne as the Audit Committee Financial Expert. As a result of the appointment of an Audit Committee Financial Expert, the Company has regained compliance with Nasdaq Rule 5605(c)(2)(A) regarding the composition of its Audit Committee.

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