Atlantic Coast Financial Corp. in Jacksonville, Fla. said Wednesday that G. Thomas Frankland is now officially its president and chief executive officer. Frankland had been the interim president and CEO since October.
The $810 million-asset company also said that Jay Sidhu, its executive chairman since September, will assume the role of non-executive chairman. Sidhu, the former chairman and CEO of Sovereign Bank in Pennsylvania, was instrumental in helping Atlantic Coast complete a second-step stock conversion earlier this year that brought in more than $17 million in fresh capital.
In a news release, Sidhu said that after completing the stock conversion and strengthening the management team the board determined "that my service as the principal executive officer was no longer necessary."