Atlantic Coast Federal Corporation (NASDAQ:ACFC), the holding company for Atlantic Coast Bank, today announced that its Board of Directors has named G. Thomas Frankland Interim President and Chief Executive Officer. He also has been appointed Vice-Chairman of Atlantic Coast Bank. As a result of his appointment, Frankland will no longer serve on the Company's Audit and Compensation Committees, but remains a member of its Risk Committee.
Frankland succeeds Robert J. Larison, Jr., who becomes Chief Operating Officer of Atlantic Coast Federal Corporation and remains President and Chief Executive Officer of Atlantic Coast Bank. He will now focus fully on the Bank's operations. Frankland will concentrate his efforts on the holding company's increased activities, including its capital raise in connection with the second-step conversion from a mutual holding company to a stock holding company and executing Atlantic Coast's growth strategy. A Search Committee, headed by Atlantic Coast Federal Corporation's Executive Chairman Jay Sidhu, has been appointed to identify and retain a permanent President and Chief Executive Officer. The goal is to complete this search within six months and Frankland will be considered as a candidate for the permanent position.
"We are delighted that Tom has accepted the Board's offer to assume the position of Interim President and Chief Executive Officer for Atlantic Coast Federal Corporation," said Jay Sidhu. "With 40 years of experience in the financial services industry, including association as a partner with PricewaterhouseCoopers, Chief Operating Officer of CNB Florida Bancshares and Mercantile Bank, and past Chairman and current member of the Executive Committee of Springboard Capital LLC (an early stage venture capital fund), Tom brings a broad skill set to this position. His experiences, including capital markets, mergers and acquisitions, and strategy execution, will be invaluable to us as we execute on our expansion plans following the completion of our second-step offering. These management changes also enable Bob to focus his energy on developing all operations of the Bank, including our core retail banking business and the expansion of small business lending and mortgage banking."