Atlantic Coast Bank’s holding company, Atlantic Coast Financial Corp., recently disclosed in Jacksonville, Florida that Kevin Champagne, chairman of the board and a bank director, retired Feb. 29 due to health reasons.
"Although it saddens me to leave the important and fulfilling work of this board and the great company it leads, I know that this step is the best course of action for me and is in the best interests of my family and Atlantic Coast,” Champagne said. “I am very grateful for the opportunity to have served … with such a talented management team. Together, we have accomplished a lot in the past three years, and I believe that we have firmly placed this company on a solid path and that it is in good hands."
Former Vice Chairman John Dolan will assume Champagne’s duties as chairman of the board for both the company and the bank, while Jay Sidhu fills the role of vice chairman. The board elected to resolve the pending vacancy left on the board of directors by lowering the number of directors from eight to seven.
"We owe Kevin a debt of gratitude for his service to Atlantic Coast and his tireless efforts over the past three years to help lead a notable and significant turnaround in the company's performance,” Dolan said. “His leadership as a banker has provided an important underpinning for our management team during a transformative period, and we hope for his full recovery and wish him all the best as he confronts the challenges ahead."