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 regulatory filing. Its annual meeting is set for Friday.
Chief Executive G. Thomas Frankland resigned, and three board members announced that they would not seek reelection, shortly after Atlantic Coast's shareholders rejected its sale to Bond Street in June.
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, was too low. Its stock was trading at $3.65 a share, down nearly 9%, Tuesday afternoon.
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.