UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 16, 2009
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ATLANTIC COAST FEDERAL CORPORATION
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(Exact name of Registrant as specified in its charter)
Federal 000-50962 59-3764686
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
505 Haines Avenue, Waycross, Georgia 31501
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(Address of principal executive offices)
(800) 342-2824
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Registrant's telephone number, including area code
Not Applicable
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(Former Name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
In the Fall of 2008, Atlantic Coast Federal, MHC, the parent company of
Atlantic Coast Federal Corporation (the "Company") submitted an application to
participate in the U.S. Treasury Department's Capital Purchase Program ("CPP").
To date, the application has been neither approved nor denied. Since the
submission of the application, the Company's management along with advisers and
investment bankers, have undertaken numerous actions to enhance the capital
position of Atlantic Coast Bank, the Company's wholly-owned subsidiary. These
actions include restructuring its investment portfolio and reducing loan
commitments. In addition the Bank has chosen to reduce the size of its balance
sheet where possible by limiting loan and deposit growth. Also as a part of this
process, the Bank recently entered into an agreement to sell its Lake City,
Florida branch in order to further reduce assets in a market area outside its
primary footprint. In light of the substantial period of time that has passed
since the application was filed, the Company determined that it was in its best
interests to continue to implement its plans to enhance capital without
government assistance, and therefore has withdrawn its current CPP application.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATLANTIC COAST FEDERAL CORPORATION
Date: September 22, 2009 By: /s/ Robert J. Larison, Jr.
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Robert J. Larison, Jr.
President and Chief Executive Officer
(Duly Authorized Representative)