Dividends
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Atlantic Coast Federal Corporation (ACFC) Suspends Its Cash Dividend
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Atlantic Coast Federal Corporation (NASDAQ: ACFC) announced that its Board has voted to suspend the payment of cash dividends to common stockholders in order to preserve capital as challenging economic conditions continue.
Commenting on the announcement, Robert J. Larison, Jr., President and Chief Executive Officer, said, "Given ongoing uncertainties in the current environment and the distinct possibility that this recession may continue to affect us for some time, we believe a more conservative stance is appropriate and the preservation of capital is paramount. Although we recognize that dividend payments are important to our stockholders, the Board believes this step is prudent and necessary to help maintain a sound balance sheet. It is our hope to reinstate the quarterly cash dividend when the economy improves and the Company begins to produce a stronger, more stable earnings performance."
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