Atlantic Coast Financial Corporation Re-Elects Dave Bhasin and John J. Dolan

JACKSONVILLE, Fla.--()--Atlantic Coast Financial Corporation (the Company) (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the Bank), today reported on its 2016 annual meeting of stockholders. In formal business conducted at the meeting, stockholders re-elected two directors to three-year terms that expire with the 2019 annual meeting: Dave Bhasin, Chief Executive Officer of D.B. Concepts, Inc. and affiliated companies, which operates franchised restaurants throughout eastern Pennsylvania, and John J. Dolan, Chairman of the Board for the Company and the Bank and a Managing Member of Dolan Finance, LLC, which serves as general partner for Dolan Real Estate Finance, LP, a newly formed private investment fund that deals in financing short-term commercial real estate transactions.

Directors whose terms continue to future years are: Bhanu Choudhrie, Executive Director of C&C Alpha Group Ltd, a London-based private equity group; James D. Hogan, retired Chief Risk Officer of the Company and the Bank; W. Eric Palmer, Operations Administrator for the Affiliated Practice Network of the Mayo Clinic in Jacksonville; Jay S. Sidhu, Vice Chairman of the Board for the Company and the Bank and Chairman and Chief Executive Officer of both Customers Bancorp, Inc. and Customers Bank, both headquartered in Wyomissing, Pennsylvania; and John K. Stephens, President and Chief Executive Officer of the Company and the Bank since 2013.

In other matters, stockholders also ratified the appointment of Dixon Hughes Goodman LLP as the Company's independent registered public accounting firm for 2016, approved the Atlantic Coast Financial Corporation 2016 Omnibus Incentive Plan, and approved, on a non-binding advisory basis, the Company’s executive compensation.

About the Company

Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving the Northeast Florida, Central Florida and Southeast Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Relations.

Contacts

Atlantic Coast Financial Corporation
Tracy L. Keegan, 904-998-5501
Executive Vice President and
Chief Financial Officer

Contacts

Atlantic Coast Financial Corporation
Tracy L. Keegan, 904-998-5501
Executive Vice President and
Chief Financial Officer