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Atlantic Coast proposed merger with Bond Street fails to get holder approval

Atlantic Coast Financial, the holding company for Atlantic Coast Bank, announced that the proposed merger with Bond Street Holdings did not receive stockholder approval at a 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 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, Atlantic Coast said, adding "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."