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Atlantic Coast Federal settles litigation regarding merger with Bond Street

Atlantic Coast Financial (ACFC), the holding company for Atlantic Coast Bank, announced that the company and the Bank have signed a Memorandum of Understanding to settle certain class action litigation related to Atlantic Coast Financial's pending merger with Bond Street Holdings. As part of the MOU, the company has agreed to make available additional information to Atlantic Coast Financial stockholders. The company and other defendants continue to deny any wrongdoing in this matter and have entered into this settlement merely to eliminate the time, expense and uncertainties inherent in further litigation.