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ACFC > SEC Filings for ACFC > Form 8-K on 19-Sep-2013All Recent SEC Filings

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



Change in Directors or Principal Officers

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

(b) On September 13, 2013, Thomas B. Wagers, Sr. informed the Board of Directors of Atlantic Coast Financial Corporation (the "Company") and the Board of Directors of Atlantic Coast Bank (the "Bank") that he is resigning his positions as Interim President, Chief Executive Officer and Chief Financial Officer of the Company and the Bank, effective October 21, 2013 in order to take a position with another financial institution outside of the Bank's market area. Mr. Wagers' resignation is not related to any disagreement with the Company or the Board of Directors.

As previously announced, the Company and the Bank named John K. Stephens, Jr. as President, Chief Executive Officer and director of the Company and the Bank, contingent upon receipt of regulatory non-objection from the Federal Reserve Bank of Atlanta and the Office of the Comptroller of the Currency. The Company and the Bank have begun a search for a permanent Chief Financial Officer.

(c) On September 18, 2013, the Boards of Directors of the Company and the Bank appointed Marshall D. Stone, age 58, the Controller of the Company and the Bank as Interim Principal Accounting Officer, effective October 21, 2013. Mr. Stone has served as Controller since 2003.

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