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The proposed sale of Atlantic Coast Financial in Jacksonville, Fla., did not sail with investors. Shareholders rejected Bond Street Holdings' $13.1 million, or $5-per-share, offer on Tuesday.
June 11 -
The chief executive and three directors of Atlantic Coast Financial (ACFC) are leaving the company after shareholders rejected a proposed sale to Bond Street Holdings earlier this month.
June 21 -
High-profile investor Jay Sidhu says he still plans to vote against the sale of Atlantic Coast in Jacksonville even though Bond Street has agreed to pay shareholders $5 a share up front, instead of withholding $2 a share for a year to cover litigation costs.
April 24
John Linfante is stepping down as the chairman of Atlantic Coast Financial (ACFC), the latest leader to leave the Florida bank since investors rejected its sale to Bond Street Holdings.
Linfante's last day as chairman, and audit committee financial expert, of the $742 million-asset Atlantic Coast is Wednesday, the Jacksonville company said in a
A group of Atlantic Coast investors led by Jay Sidhu, who is also chairman of Customers Bancorp (CUBI) in Wyomissing, Pa., and Bhanu Choudhrie had argued that the sale price of $13.1 million, or $5 a share,
Atlantic Coast plans to nominate Kevin Champagne to replace Linfante as the board's audit committee financial expert if Champagne is elected at the next annual meeting, it said in the regulatory filing announcing Linfante's departure. Sidhu and Choudhrie nominated Champagne, along with John Dolan, the former CEO of First Commonwealth Financial in Pennsylvania, and Dave Bhasin, the CEO of a Pennsylvania restaurant franchise, to fill the three open seats on Atlantic Coast's board.
The company did not name its nominee to succeed Linfante as chairman.
