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Atlantic Coast Financial Corp Announces Termination Of Merger Agreement With Bond Street Holdings, Inc.-Form 8-K


Wednesday, 26 Jun 2013 07:30am EDT 

Atlantic Coast Financial Corp reported in its Form 8-K that by letter dated June 24, 2013, Atlantic Coast Financial Corporation (Company) provided notice to Bond Street Holdings, Inc. (Bond Street) that it was terminating the Agreement and Plan of Merger, dated February 25, 2013, as amended on April 22, 2013, by and among the Company, Atlantic Coast Bank, Bond Street and Florida Community Bank, N.A. (Merger Agreement) pursuant to which the Company would have merged with and into Bond Street and Atlantic Coast Bank would have merged with and into Florida Community Bank, N.A., and stockholders of the Company would have received $5.00 in cash for each share. The Company terminated the Merger Agreement pursuant to Section 9.01(d)(2) of the Merger Agreement which provided that either the Company or Bond Street could terminate the Merger Agreement if stockholders of the Company did not approve the Merger Agreement by June 21, 2013. The Company’s stockholders failed to approve the Merger Agreement at the Company’s Special Meeting of Stockholders on June 11, 2013. 

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