Exhibit 99.1

Atlantic Coast Federal Corporation Announces Plans for CFO Succession


    WAYCROSS, Ga.--(BUSINESS WIRE)--March 2, 2007--Robert J. Larison,
Jr., President and Chief Executive Officer of Atlantic Coast Federal
Corporation (NASDAQ:ACFC), the holding company for Atlantic Coast
Bank, today announced that the Company has implemented a succession
plan for the position of Chief Financial Officer to provide current
CFO, Jon C. Parker, Sr., with flexibility to deal with an ongoing
illness.

    Under the plan, Parker (age 36) will take on the role of Chief
Administrative Officer of Atlantic Coast Federal Corporation, with
oversight of asset and liability management, review of potential
acquisitions, and other matters. He will remain CFO during a
transitional period expected to last over the next several months. The
Company has appointed Dawna Miller (age 40) as Chief Financial Officer
of Atlantic Coast Bank and as the Company's CFO-designate. When the
transition is completed later this year, Parker is expected to
relinquish his duties as CFO.

    Commenting on the announcements, Larison said, "We are grateful
for Jon's contributions to our company's development and his
stewardship over financial matters over the past several years - a
period of tremendous change and growth for Atlantic Coast Federal
Corporation. We know his guidance will make this transition a smooth
one. Dawna's demonstrated leadership, corporate knowledge, and
financial expertise make her an ideal candidate for this role, and we
look forward to her contributions to our organization as we continue
to build upon our success."

    Parker has served as Senior Vice President and Chief Financial
Officer of Atlantic Coast Federal Corporation since its organization
in 2003 and has been Senior Vice President and Chief Financial Officer
of Atlantic Coast Bank and predecessors since 1999.

    A CPA, Miller most recently worked as an independent business
consultant in Jacksonville, Florida. Prior to that, she served in
several financial positions for units of National Australia Bank
Limited, as well as Assistant Vice President, Assistant Controller,
and Senior Accountant for Merrill Lynch Credit Corporation in
Jacksonville. She also has served as Assistant Vice President and
Internal Audit Manager for American National Bank and as Senior
Internal Auditor for First Union National Bank.

    Miller earned an MBA degree and a Bachelor of Business
Administration from the University of North Florida. She also has
obtained certification from the corporate governance program at Tulane
University School of Law.

    Atlantic Coast Federal Corporation is the holding company for
Atlantic Coast Bank, 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.AtlanticCoastBank.net,
under the Investor Information section.

    Atlantic Coast Bank, with approximately $843 million in assets as
of December 31, 2006, is a community-oriented financial institution.
It serves southeastern Georgia and northeastern Florida through 14
offices, including a growing presence in the Jacksonville metropolitan
area. Atlantic Coast Bank expects to open an additional branch in St.
Johns County, Florida, in the coming year.

    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