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): February 6, 2006
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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 (I.R.S. Employer
of Incorporation) File Number) 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 1.01. Entry into a Material Definitive Agreement.
On February 6, 2006, Atlantic Coast Federal, the wholly-owned subsidiary of
Atlantic Coast Federal Corporation (the "Bank"), entered in to an employment
agreement (the "Agreement") with Robert J. Larison, Jr., President of the Bank
and Atlantic Coast Federal Corporation. The Agreement is attached as Exhibit
10.1 to this Current Report on Form 8-K. The Agreement provides for a two year
term and an increase in salary to $210,000 per year from $160,000 per year that
was provided in the previous contract. The Agreement also provides for certain
other benefits in the form of life insurance and disability insurance. In the
event that Mr. Larison is terminated without cause, he is entitled to a lump sum
payment equal to twice his then current annual salary plus a continuation of
benefits for a period of one year following the date of termination.
Additionally, the Board of Directors of the Bank has increased fees for members
of the Board. For the year ending December 31, 2006, the Chairman of the Board
received an increase of 10% to $1,750 per meeting from $1,591 for the year ended
December 31, 2005 and the Vice Chairman and Chairman of the Audit Committee
received an increase from $1,379 to $1,448. All other directors received an
increase of 5% to $1,337 from $1,273 for the year ended December 31, 2005. In
addition, the Board approved a 15% bonus to current members as of December 31,
2005 based upon their 2005 board fee compensation. Employees who serve as
directors do not receive board fees.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
(c) Shell company transactions: None
(d) Exhibits:
Exhibit 10.1: Employment Agreement of Robert J. Larison, Jr.
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: February 8, 2006 By: /s/ Robert J. Larison, Jr.
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Robert J. Larison, Jr.
President and Chief Executive Officer
(Duly Authorized Representative)