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Kevin Champagne, Chairman of the Board of Atlantic Coast Financial Corporation, Retires Due to Health Reasons

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company") (NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today announced that Kevin G. Champagne retired as Chairman of the Board and as a Director of each the Company and the Bank on February 29, 2016, effective immediately, due to health reasons. In light of Champagne's decision, the Board has elevated John J. Dolan from Vice Chairman to Chairman of the Board of each of the Company and the Bank. Jay S. Sidhu has also been named Vice Chairman of both Boards. The Board decided to eliminate the vacancy created by Champagne's retirement by reducing the size of the Company's Board from eight to seven directors.