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): August 4, 2008
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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 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
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(e) On August 4, 2008, Atlantic Coast Bank (the "Bank") the wholly owned
subsidiary of Atlantic Coast Federal Corporation entered into a non-qualified
Supplemental Retirement Agreement ("SERP") with Thomas B. Wagers, Sr., the Chief
Operating Officer of the Bank. The SERP provides for the payment of a monthly
supplemental executive retirement benefit equal to up to 60% of the executive's
highest average annual compensation (excluding stock-based compensation) during
the three calendar years in the 10-year period prior to retirement. For each
full calendar quarter of employment with the Bank since January 1, 2008, Mr.
Wagers shall be credited with 2.50% towards the maximum 60% of average annual
compensation. Such accruals shall continue through the last day of the calendar
quarter in which the executive experiences a separation from service or January
1, 2014, whichever shall occur first, but in no event will the accrued benefit
percentage exceed 60%. Such benefit shall generally be payable for a period of
fifteen years. The SERP of Mr. Wagers is attached as Exhibit 10.1 to this
Current Report on Form 8-K.
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: Supplemental Retirement Agreement of Thomas B. Wagers, Sr.
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: August 5, 2008 By: /s/ Robert J. Larison, Jr.
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Robert J. Larison, Jr.
President and Chief Executive Officer
(Duly Authorized Representative)
EXHIBIT 10.1