Larison will also step down from the board and retire as the president and chief operating officer at Atlantic Coast Bank, effective Feb. 29, 2012. He will remain a vice chairman at the bank and work as a consultant to the company for a year, Atlantic Coast said in a Friday filing with Securities Exchange Commission.
Earlier this year, Atlantic Coast rebranded itself from Atlantic Coast Federal Corp. In February, Atlantic Coast converted to a stock holding company from a mutual holding company.
The company lost $1.5 million in the second quarter, compared to a $3.4 million loss a quarter earlier.
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