Atlantic Coast Financial Corporation (the "Company"), the proposed holding company for Atlantic Coast Bank and successor company for Atlantic Coast Federal Corporation (NASDAQ: ACFC), today announced that it will extend the community offering being conducted in connection with its reorganization from the two-tier mutual holding company structure to the stock holding company structure to January 21, 2011. In connection with the extension of the community offering, the Company expects to launch an assisted broker program to sell shares of common stock in early January 2011. The closing of the offering remains subject to final regulatory, member and stockholder approvals. In addition, to consummate the offering, the Company must sell a minimum of 1,700,000 shares at $10.00 per share. The terms and conditions of the community offering are more fully set forth in the Company’s prospectus dated November 12, 2010. Current orders received in the subscription and community offering will be maintained by the Company, with interest accruing on subscribers' funds until no later than February 4, 2011. All eligible subscribers and community members who properly completed and timely submitted a stock order form will be allocated the number of shares of common stock requested in their stock order form. Persons who are interested in participating in the extended community offering can contact the Stock Information Center at (877) 643-8197. Atlantic Coast Federal Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank that was organized in 1939 as a credit union to serve the employees of the Atlantic Coast Line Railroad. In November 2000, the credit union converted its charter from a federal credit union to a federal mutual savings association and, in January 2003, Atlantic Coast Federal Corporation was formed as the holding company. The Company completed its initial public stock offering in October 2004. Investors may obtain additional information about Atlantic Coast Federal Corporation on the Internet at www.AtlanticCoastBank.net, under the Investor Information section. Atlantic Coast Bank, with approximately $893 million in assets as of September 30, 2010, is a community-oriented financial institution. It serves southeastern Georgia and northeastern Florida through 12 locations, with a focus on the Jacksonville metropolitan area.