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The chief executive and three directors of Atlantic Coast Financial (ACFC) are leaving the company after shareholders rejected a proposed sale to Bond Street Holdings earlier this month.
June 21 -
John Linfante is stepping down as the chairman of Atlantic Coast Financial (ACFC), the latest leader to leave the Florida bank since investors rejected its sale to Bond Street Holdings.
August 13
The Federal Reserve Bank of Atlanta has approved two Atlantic Coast Financial (ACFC) board nominees proposed by dissident investor Jay Sidhu.
Kevin Champagne and John Dolan began serving on the Jacksonville, Fla., company's board Aug. 30, the same day the regulator said it did not object to their appointment, Atlantic Coast said in a regulatory filing Friday. The two replace directors Thomas Beeckler and Charles Martin.
Dolan is the new chairman, and Champagne is the audit committee's financial expert.
A third Sidhu nominee, Dave Bhasin, has not yet been approved by the Fed.
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A group of dissident investors led by Sidhu, who is also chairman of Customers Bancorp (CUBI) in Wyomissing, Pa., and Bhanu Choudhrie
G. Thomas Frankland resigned as president and CEO of Atlantic Coast on July 1, and Chairman John Linfante
