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ACFC > SEC Filings for ACFC > Form 8-K on 13-Feb-2014All 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


13-Feb-2014

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.

On February 11, 2014, Atlantic Coast Financial Corporation (the "Company") named John C. Lent, 55, as Executive Vice President and Chief Financial Officer of the Company and its wholly owned subsidiary Atlantic Coast Bank (the "Bank"), contingent upon receipt of regulatory non-objection from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Atlanta. While awaiting regulatory non-objection, Mr. Lent has joined the Company and the Bank as a financial analyst.

Prior to joining the Company, since 2012, Mr. Lent served as the President of Temenos Advisory, an independent registered investment advisory firm. He served from 2011 to 2012 as President and Chief Executive Officer of Union Savings Bank, a $2.5 billion mutual bank. Mr. Lent also served as Union Savings Bank's Chief Operating Officer from 2006 to 2011, and Chief Financial Officer from 2000 to 2006. Prior to joining Union Savings Bank, Mr. Lent served in executive positions at one international bank and two community banks between 1988 and 2000. Mr. Lent began his career in 1980 at Coopers & Lybrand (now PricewaterhouseCoopers), an international accounting and consulting firm. Mr. Lent is a Certified Public Accountant and holds a Bachelor of Science degree in Business Administration from Quinnipiac University and a Master of Business Administration degree with a concentration in Finance from the University of Connecticut.

Mr. Lent will receive an annual base salary of $180,000, and in connection with his relocation to the Jacksonville, Florida area, the Company will pay for ninety (90) days of temporary housing, as well as all reasonable moving expenses. As of the date of this report, Mr. Lent held no securities in the Company.

Mr. Lent will succeed James D. Hogan who will retire as interim Executive Vice President and interim Chief Financial Officer of the Company and the Bank, effective upon Mr. Lent's receipt of regulatory non-objection from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Atlanta.

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