Tax Basis Information

Under Section 403 of the Energy Improvement and Extension Act of 2008, Atlantic Coast Financial Corporation ("the Company"), is required to file a return with the Internal Revenue Service ("the IRS") to describe any organizational action (such as a stock split, merger, or acquisition) that affects the basis of a specified security. The Company is also required to furnish a corresponding statement to each stockholder (or the stockholder's nominee). Due to the Company's conversion to a full stock company from the mutual form of ownership on February 3, 2011 (the "Second-Step Conversion"), it was required to provide this statement to stockholders and nominees by no later than January 17, 2012, which describes the Second-Step Conversion's impact on the tax-basis of the Company's common stock. As permitted by IRS rules, the Company chose to provide stockholders and nominees with the required information via its internet website rather than by mail. Accordingly, a copy of Form 8937-Report of Organizational Actions Affecting Basis of Securities and a related attachment appear below.

We urge you to discuss your specific tax situation as it relates to the Second-Step Conversion with your tax advisor.

Form 8937 

Attachment for Form 8937

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Atlantic Coast Bank routing number: 261271717

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