Atlantic Coast Financial Corporation and Bond Street Holdings Amend Definitive Merger Agreement to Remove Contingency from Per Share Consideration

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation (the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that the definitive merger agreement with Bond Street Holdings Inc.("Bond Street"), dated February 25, 2013, has been amended to eliminate the transaction's $2.00 per share contingency consideration. Accordingly, the Company's stockholders will receive upon closing of the transaction the entire $5.00 per share in cash for each share owned. The amended merger agreement was approved by the respective Boards of Directors of both the Company and Bond Street, a community-oriented bank holding company with $3.2 billion in total assets that operates 41 community banking branches along both Florida coasts and in the Orlando area.