The Federal Reserve Bank of Atlanta has approved two Atlantic Coast Financial (ACFC) board nominees proposed by dissident investor Jay Sidhu.
Kevin Champagne and John Dolan began serving on the Jacksonville, Fla., company's board Aug. 30, the same day the regulator said it did not object to their appointment, Atlantic Coast said in a regulatory filing Friday. The two replace directors Thomas Beeckler and Charles Martin.
Dolan is the new chairman, and Champagne is the audit committee's financial expert.
A third Sidhu nominee, Dave Bhasin, has not yet been approved by the Fed.
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A group of dissident investors led by Sidhu, who is also chairman of Customers Bancorp (CUBI) in Wyomissing, Pa., and Bhanu Choudhrie ousted the chairman and chief executive of Atlantic Coast, along with three members of its board, after defeating a proposed merger with Bond Street Holdings. The dissidents had argued that Atlantic Coast's proposed sale price of $13.1 million, or $5 a share, was insufficient. Its shares were trading at $4.21 Monday morning.
G. Thomas Frankland resigned as president and CEO of Atlantic Coast on July 1, and Chairman John Linfante stepped down last month. Former Chief Financial Officer Thomas Wagers became interim president and CEO.