Atlantic Coast Financial Corporation Announces That the Proposed Merger with Bond Street Holdings, Inc. Failed to Receive

  Atlantic Coast Financial Corporation Announces That the Proposed Merger with
  Bond Street Holdings, Inc. Failed to Receive Stockholder Approval

Business Wire

JACKSONVILLE, Fla. -- June 11, 2013

Atlantic Coast Financial Corporation (the "Company" or "Atlantic Coast
Financial")(NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the
"Bank"), today announced that the proposed merger with Bond Street Holdings,
Inc. ("Bond Street") did not receive stockholder approval at today's special
meeting of stockholders. Likewise, a proposal that would have approved an
adjournment of the meeting to allow for the solicitation of additional votes
failed to receive stockholder approval.

The Company's Board of Directors had recommended the proposed merger with Bond
Street because the Board concluded it represented the best alternative for all
stockholders in addressing the demands that currently face the Company,
including the Bank's ability to meet the capital requirements of the
regulatory consent order under which it currently operates. However, the Board
respects the decision of stockholders and, accordingly, it will begin to
evaluate other strategic alternatives immediately, including a possible
recapitalization, as the Board continues to carry out its normal corporate
governance responsibilities.

About the Company

Atlantic Coast Financial Corporation is the holding company for Atlantic Coast
Bank, a federally chartered and insured stock savings bank. It is a
community-oriented financial institution serving northeastern Florida and
southeastern Georgia markets through 12 locations, with a focus on the
Jacksonville metropolitan area. Investors may obtain additional information
about Atlantic Coast Financial Corporation on the Internet at, under Investor Information.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of
the federal securities laws. Statements in this release that are not strictly
historical are forward-looking and are based upon current expectations that
may differ materially from actual results. These forward-looking statements,
identified by words such as "will," "expected," "believe," and "prospects,"
involve risks and uncertainties that could cause actual results to differ
materially from those anticipated by the statements made herein. These risks
and uncertainties involve general economic trends and changes in interest
rates, increased competition, changes in consumer demand for financial
services, the possibility of unforeseen events affecting the industry
generally, the uncertainties associated with newly developed or acquired
operations, market disruptions and other effects of terrorist activities. The
Company undertakes no obligation to release revisions to these forward-looking
statements publicly to reflect events or circumstances after the date hereof
or to reflect the occurrence of unforeseen events, except as required to be
reported under the rules and regulations of the Securities and Exchange


Atlantic Coast Financial Corporation
Thomas B. Wagers, Sr., 904-565-8570
Chief Financial Officer
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