Exhibit 99.1

         Atlantic Coast Federal Corporation Announces Investor Meetings

    WAYCROSS, Ga.--(BUSINESS WIRE)--June 2, 2006--Atlantic Coast
Federal Corporation (NASDAQ/NM:ACFC), the holding company for Atlantic
Coast Federal, today announced that its management will participate in
a series of meetings with institutional investors on June 5 and 6 in
Boston and New York to review the Company's current financial and
operational performance, as well as the Company's view on market
conditions and opportunities in the coming year. The presentation to
be used in those investor meetings will be available on the investor
information section of the Company's website for a period of 60 days
beginning on June 5, 2006.
    Atlantic Coast Federal Corporation is the holding company for
Atlantic Coast Federal, a federally chartered and insured stock
savings association that was organized in 1939 as a credit union to
serve the employees of the Atlantic Coast Line Railroad. In November
2000, the credit union converted its charter from a federal credit
union to a federal mutual savings association and, in January 2003,
Atlantic Coast Federal Corporation was formed as the holding company.
The Company completed its initial public stock offering in October
2004. Investors may obtain additional information about Atlantic Coast
Federal Corporation on the Internet at www.acfederal.net, under the
Investor Information section.
    Atlantic Coast Federal, with approximately $771 million in assets
as of March 31, 2006, is a community-oriented financial institution.
It serves southeastern Georgia and northeastern Florida through 13
offices, including a growing presence in the Jacksonville metropolitan
area.
    This news release contains forward-looking statements within the
meaning of the federal securities laws. Statements in this release
that are not strictly historical are forward-looking and are based
upon current expectations that may differ materially from actual
results. These forward-looking statements, identified by words such as
"will," expected, "believe," and "prospects," involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated by the statements made herein. These risks and
uncertainties involve general economic trends and changes in interest
rates, increased competition, changes in consumer demand for financial
services, the possibility of unforeseen events affecting the industry
generally, the uncertainties associated with newly developed or
acquired operations, and market disruptions and other effects of
terrorist activities. The Company undertakes no obligation to release
revisions to these forward-looking statements publicly to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unforeseen events, except as required to be reported
under the rules and regulations of the Securities and Exchange
Commission.

    CONTACT: Corporate Communications, Inc.
             Patrick J. Watson, 615-254-3376