Document:

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                                  EXHIBIT 10.3

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                        SUPPLEMENTAL RETIREMENT AGREEMENT

        THIS SUPPLEMENTAL RETIREMENT AGREEMENT dated as of the 1st day of
November, 2002 by and between ATLANTIC COAST FEDERAL, its successors and assigns
and ROBERT J. LARISON, JR. (the "Executive").

                                   WITNESSETH:

        WHEREAS, the Executive has heretofore performed his duties in an
exemplary and efficient manner as a long standing employee of Atlantic Coast
Federal;

        WHEREAS, Atlantic Coast Federal wishes to provide the Executive with
supplemental retirement benefits consistent with his executive duties on behalf
of Atlantic Coast Federal and its subsidiaries, as well as comparable to the
type of non-qualified retirement benefits provided by other employers to
similarly situated executives with similar responsibilities, duties and
functions; and

        WHEREAS, Atlantic Coast Federal believes that the supplemental
retirement benefits to be provided to the Executive pursuant to this Agreement
will induce continued service by the Executive with Atlantic Coast Federal,
which continued service is deemed essential for the future growth and success of
Atlantic Coast Federal and its subsidiaries:

        NOW, THEREFORE, in consideration of the premises and covenants contained
herein, Atlantic Coast Federal and the Executive hereby agree as follows:

1.      DEFINITIONS. In this Agreement, the following words and phrases shall
        have the following meanings:

        (a)     ACCRUED BENEFIT PERCENTAGE shall mean, except as otherwise
                provided in this Agreement, 2.5% for each full calendar quarter
                of the Executive's employment since January 1, 2002, calculated
                through the last day of the calendar quarter in which the
                Executive (i) experiences a Separation from Service or (ii)
                attains the Normal Retirement Date, whichever shall first occur;
                PROVIDED, HOWEVER, that in no event shall the Accrued Benefit
                Percentage exceed 60%, PROVIDED, FURTHER, HOWEVER, the Accrued
                Benefit Percentage shall be increased by 3% for each full year
                of employment following the Normal Retirement Date (e.g., for
                the first additional year the Accrued Benefit Percentage shall
                be 63%). There shall be no duplication of the Accrued Benefit
                Percentage for service with more than one employer.

        (b)     ADMINISTRATOR shall mean the person or committee appointed by
                the Board of Directors of Atlantic Coast Federal to administer
                this Agreement. If a committee is appointed by the Board of
                Directors, a majority of those persons shall constitute a quorum
                and the act of the majority of such of persons either at a
                meeting or by written consent, shall be the act of the
                Administrator. The administrator may adopt

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                such rules and procedures, not inconsistent with this Agreement,
                as it deems necessary or appropriate in order to administer this
                Agreement.

        (c)     AVERAGE COMPENSATION shall mean the amount determined by
                dividing by three (3) the total monetary compensation earned by
                the Executive from Atlantic Coast Federal and its affiliates and
                subsidiaries (or any successors thereto by merger or purchase)
                during the three annual periods in the ten year period prior to
                his Separation from Service that results in the largest total,
                including but not limited to salary, bonuses and incentive
                compensation (but excluding specifically stock-based
                compensation, such as restricted stock, stock options and stock
                appreciation rights). An annual period shall consist of any
                twelve (12) month consecutive period not including any portion
                of another twelve (12) month period.

        (d)     BENEFIT COMMENCEMENT DATE shall mean the first business day of
                the calendar month following the Executive's Separation from
                Service after the earlier of the (i) Early Retirement Date or
                (ii) Normal Retirement Date.

        (e)     CAUSE shall mean a Separation from Service that arises from the
                Executive's gross negligence, willful misconduct, breach of
                fiduciary duty involving personal profit, intentional failure to
                perform stated duties, and willful violation of any law, rule,
                or regulation (other than traffic violations or similar
                offenses) or final cease-and-desist order.

        (f)     CHANGE IN CONTROL except as provided in this section, the term
                "Change in Control" shall mean:

                (i) a transaction at the conclusion of which Atlantic Coast
                Federal or a mutual holding company ("MHC") controlling the
                institution becomes in stock form and any person or company or
                group of persons or companies acting in concert, as defined in
                12 C.F.R. Part 574 (the "OTS Control Regulations") controls
                Atlantic Coast Federal or the MHC under the OTS Control
                Regulations;

                (ii) an event of a nature that (a) results in a change in
                control within the meaning of the Home Owners' Loan Act or the
                OTS Control Regulations, of Atlantic Coast Federal or a company
                controlling Atlantic Coast Federal (the "Holding Company") after
                the date of this Agreement or (b) would be required to be
                reported in response to Item 1 of the current report on Form
                8-K, as in effect on the date hereof, pursuant to Section 13(d)
                or 14(d) of the Securities Exchange Act of 1934 (the "Exchange
                Act") if such requirements were applicable to Atlantic Coast
                Federal or the Holding Company;

                (iii) any person (as the term is used in Rule 13d-3 under the
                Exchange Act), directly or indirectly, acquires securities of
                Atlantic Coast Federal or the Holding Company representing 20%
                or more of any class of voting securities of Atlantic Coast
                Federal or the Holding Company;

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                (iv) individuals who are members of the board of directors of
                Atlantic Coast Federal on the date of this Agreement (the
                "Incumbent Board") cease for any reason to constitute at least a
                majority thereof, provided that any person becoming a director
                subsequent to the date hereof whose election or appointment was
                approved by at least three-quarters of the directors comprising
                the Incumbent Board or whose nomination for election by Atlantic
                Coast Federal's stockholders or members was approved by the
                nominating committee serving under an Incumbent board, shall be
                considered a member of the Incumbent Board; or

                (v) a reorganization, merger, consolidation, sale of all or
                substantially all of the assets of Atlantic Coast Federal or a
                Holding Company or a similar transaction in which Atlantic Coast
                Federal or a Holding Company is not the resulting entity or a
                transaction at the completion of which the former stockholders
                of the acquired corporation become the holders of more than 40%
                of the outstanding common stock of Atlantic Coast Federal or the
                Holding Company and it is the resulting entity of such
                transaction.

                The term "Change in Control" shall not include: (i) an
                acquisition of securities by an employee benefit plan of
                Atlantic Coast Federal or a Holding Company, (ii) a transaction,
                independent of any transaction with a third party, in which
                Atlantic Coast Federal forms an MHC controlling the institution;
                or (iii) a corporate reorganization in which the ultimate parent
                holding company of Atlantic Coast Federal immediately prior to
                such transaction and control of such ultimate parent holding
                company do not change. In the application of 12 C.F.R. Part 574
                to a determination of a Change in Control, determinations to be
                made by the OTS shall be made by the Incumbent Board.

        (g)     DISABLED OR DISABILITY shall mean the Executive's suffering a
                sickness, accident or injury which has been determined by the
                carrier of any individual or group long-term disability
                insurance policy carried by Atlantic Coast Federal covering the
                Executive, or if no such policy exists, then as determined by
                the Social Security Administration, to be a disability rendering
                the Executive totally and permanently disabled. The Executive
                must submit proof to Atlantic Coast Federal of the carrier's or
                Social Security Administration's determination to Atlantic Coast
                Federal.

        (h)     EARLY RETIREMENT DATE shall mean a date selected by the
                Executive for his voluntary Separation from Service prior to the
                Normal Retirement Date.

        (i)     INVOLUNTARY TERMINATION shall mean Separation from Service
                without the Executive's express written consent, and shall
                include a material diminution of or interference with the
                Executive's duties, responsibilities and benefits as President
                and Chief Executive Officer of Atlantic Coast Federal, including
                (without limitation) any of the following actions unless
                consented to in writing by the Executive: (i) a change in the
                principal workplace of the Executive to a location outside of a
                30 mile radius

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                from Atlantic Coast Federal's main office as of the date hereof;
                (ii) a material demotion of the Executive; (iii) a material
                reduction in the number or seniority of other personnel
                reporting to the Executive or a material reduction in the
                frequency with which, or on the nature of the matters with
                respect to which, such personnel are to report to the Executive,
                other than as part of an institution-wide reduction in staff;
                (iv) a material adverse change in the Executive's salary,
                perquisites, benefits, contingent benefits or vacation, other
                than as part of an overall program applied uniformly and with
                equitable effect to all members of the senior management of
                Atlantic Coast Federal; and (v) a material permanent increase in
                the required hours of work or the workload of the Executive. The
                term "Involuntary Termination" does not include termination for
                Cause or termination of employment due to retirement, death,
                Disability or suspension or temporary or permanent prohibition
                from participation in the conduct of Atlantic Coast Federal's
                affairs under Section 8 of the Federal Deposit Insurance Act.

        (j)     MONTHLY BENEFIT shall mean the Average Compensation multiplied
                by the Accrued Benefit Percentage and then divided by twelve
                (12), calculated at the time of Separation from Service.

        (k)     NORMAL RETIREMENT DATE shall mean the date the Executive attains
                age 55.

        (l)     SEPARATION FROM SERVICE shall mean the date of cessation of the
                employment relationship (other than an approved leave of
                absence) between the Executive and Atlantic Coast Federal and
                its affiliates and subsidiaries (including any successor in
                interest, if applicable).

2.      PAYMENT OF BENEFITS.

        (a)     RETIREMENT BENEFIT.

                If the Executive is living on the Benefit Commencement Date,
                Atlantic Coast Federal shall pay the Monthly Benefit to him on
                each of the Benefit Commencement Date and on the first business
                day of each calendar month thereafter for a total of 180 months.

        (b)     DEATH BENEFIT.

                (i)     DEATH DURING OR AFTER SERVICE. If the Executive dies
                        prior to receiving any payments under this Agreement,
                        Atlantic Coast Federal shall pay to the beneficiary
                        designated on Exhibit A, using an Accrued Benefit
                        Percentage of 60%, the Monthly Benefit commencing on the
                        first business day of the month following what would
                        have been the Executive's Normal Retirement Date and on
                        the first business day of each calendar month thereafter
                        for a period of 180 months. The Average Compensation
                        calculation shall assume that the Executive's
                        compensation increased by

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                        3% for each full calendar year that occurs prior to what
                        would have been his 55th birthday.

                (ii)    DEATH DURING BENEFIT PERIOD. If the Executive dies while
                        receiving payments under this Agreement, Atlantic Coast
                        Federal's obligation to make the monthly payments under
                        the applicable section of this Agreement shall continue
                        to the beneficiary designated on Exhibit A.

        (c)     DISABILITY BENEFIT. In the event that the Executive incurs a
                Separation from Service due to a Disability, Atlantic Coast
                Federal shall pay the Executive in accordance with the
                Disability Benefit Election Form, attached as Exhibit B, which
                shall be completed and filed with Atlantic Coast Federal by the
                Executive.

        (d)     INVOLUNTARY TERMINATION BENEFIT. In the event the Executive
                incurs a Separation from Service due to an Involuntary
                Termination, Atlantic Coast Federal shall pay the Monthly
                Benefit to the Executive, using an Accrued Benefit Percentage of
                60%, commencing on the first business day of the month following
                the Normal Retirement Date and on the first business day of each
                calendar month thereafter for a total of 180 months.

        (e)     INVOLUNTARY TERMINATION WITH A CHANGE IN CONTROL. Subject to
                Section 6, in the event the Executive incurs a Separation from
                Service due to an Involuntary Termination in connection with a
                Change in Control, Atlantic Coast Federal shall pay the
                Executive the Change in Control benefit in accordance with the
                Change of Control Benefit Election Form, attached as Exhibit C,
                which shall be completed and filed with Atlantic Coast Federal
                by the Executive.

3.      TERMINATION FOR CAUSE. Except as may be prohibited by federal law, in
        the event that the Executive incurs a Separation from Service due to an
        termination for Cause, the Executive shall only be entitled to the
        Monthly Benefit calculated at the time of his Separation from Service
        with payment commencing on the first business day of the month following
        the Normal Retirement Date and on the first business date of each
        calendar month thereafter for a total of 180 months.

4.      CLAIMS. In the event a claim for benefits is wholly or partially denied
        under this Agreement, the Executive or any other person claiming
        benefits under this Agreement (a "Claimant") shall be given notice in
        writing within 30 calendar days after the Administrator's receipt of the
        claim. For good cause shown, the Administrator may extend this period
        for an additional 30 calendar days. Any denial must specifically set
        forth the reasons for the denial and any additional information
        necessary to rescind such denial. The Claimant shall have the right to
        seek a review of the denial by filing a written request with the
        Administrator within 60 calendar days of receipt of the denial. Such
        request may be supported by such documentation and evidence deemed
        relevant by the Claimant. Following receipt of this information, the
        Administrator shall make a final determination

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        and notify the Claimant in writing within 60 calendar days of the
        Administrator's receipt of the request for review together with the
        specific reasons for the decision.

5.      GENERAL ASSETS AND FUNDING. The amounts payable under this Agreement are
        payable from the general assets of Atlantic Coast Federal and no special
        fund or arrangement is intended to be established hereby nor shall
        Atlantic Coast Federal be required to earmark, place in trust or
        otherwise segregate assets with respect to this Agreement or any
        benefits hereunder. The Administrator reserves the right to determine
        how Atlantic Coast Federal will fund its obligation undertaken by this
        Agreement. Should the Administrator elect to purchase assets relating to
        this Agreement, in whole or in part, through the medium of life
        insurance or annuities, or both, Atlantic Coast Federal shall be the
        owner and beneficiary of each such policy unless otherwise provided by
        this Agreement. Atlantic Coast Federal reserves the absolute right, in
        its sole discretion, to terminate such life insurance or annuities, as
        well as any other investment program, at any time, in whole or in part
        unless otherwise provided by this Agreement. Such termination shall in
        no way affect Atlantic Coast Federal's obligation to pay the Executive
        and spouse as provided in this Agreement. At no time shall the Executive
        or spouse be deemed to have any right, title, or interest in or to any
        specific asset or assets of Atlantic Coast Federal, including but not by
        way of restriction, any insurance or annuity contract and contracts or
        the proceeds therefrom.

6.      CERTAIN REDUCTIONS. Notwithstanding any other provision of this
        Agreement, if the value and amounts of benefits under this Agreement,
        together with any other amounts and the value of benefits received or to
        be received by the Executive in connection with a Change in Control
        would cause any amount to be nondeductible for federal income tax
        purposes by Atlantic Coast Federal or the consolidated group of which
        Atlantic Coast Federal is a member pursuant to Section 280G of the Code,
        then amounts and benefits under this Agreement shall be reduced (not
        less than zero) to the extent necessary so as to maximize amounts and
        the value of benefits to the Employee without causing any amount to
        become nondeductible by Atlantic Coast Federal pursuant to or by reason
        of such Section 280G. The Employee shall determine the allocation of
        such reduction among payments and benefits to the Employee.

7.      BENEFICIARY DESIGNATIONS. The Executive shall designate a beneficiary by
        filing with Atlantic Coast Federal a written designation of beneficiary
        on a form substantially similar to the form attached as Exhibit A. The
        Executive may revoke or modify the designation at any time by filing a
        new designation. However, designations will only be effective if signed
        by the Executive and accepted by Atlantic Coast Federal during the
        Executive's lifetime. The Executive's beneficiary designation shall be
        deemed automatically revoked if the beneficiary predeceases the
        Executive, or if the Executive names a spouse as beneficiary and the
        marriage is subsequently dissolved. If the Executive dies without a
        valid beneficiary designation, all payments shall be made to the
        Executive's surviving spouse, if any, and if none, to the Executive's
        surviving children and the descendants of any deceased child by right of
        representation, and if no children or descendants survive, to the
        Executive's estate.

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       If a benefit is payable to a minor, to a person declared incompetent, or
       to a person incapable of handling the disposition of his or her property,
       Atlantic Coast Federal may pay such benefit to the guardian, legal
       representative or person having the care or custody of such minor,
       incompetent person or incapable person, or to a custodian selected by
       Atlantic Coast Federal under the Georgia Uniform Transfers to Minors Act
       for the benefit of such minor. Atlantic Coast Federal may require proof
       of incompetency, minority or guardianship as it may deem appropriate
       prior to distribution of the benefit. Such distribution shall completely
       discharge Atlantic Coast Federal from all liability with respect to such
       benefit.

8.      MISCELLANEOUS.

        (a)     WITHHOLDING. To the extent amounts payable under this Agreement
                are determined by the Administrator, in good faith, to be
                subject to federal, state or local income tax, Atlantic Coast
                Federal may withhold from each such payment an amount necessary
                to meet the employer's obligation to withhold amounts under the
                applicable federal, state or local law.

        (b)     GOVERNING LAW. This Agreement shall be construed under the laws
                of the State of Georgia, except to the extent that federal law
                applies.

        (c)     FUTURE EMPLOYMENT. This Agreement shall not be construed as
                providing the Executive the right to be continued in the employ
                of Atlantic Coast Federal or its affiliates or subsidiaries.

        (d)     NO PLEDGE OR ATTACHMENT. No benefit which is or may become
                payable under this Agreement shall be subject to any
                anticipation, alienation, sale, transfer, pledge, encumbrance or
                hypothecation or subject to any attachment, levy or similar
                process and any attempt to effect any such action shall be null
                and void.

        (e)     AMENDMENT OR TERMINATION OF AGREEMENT. This Agreement may be
                terminated or amended, in whole or in part, only upon the mutual
                written agreement of Atlantic Coast Federal and the Executive,
                provided, however, in the event that any legislative,
                regulatory, judicial or other action would cause the benefits to
                be taxable to the Executive prior to their actual receipt,
                Atlantic Coast Federal shall pay to the Executive, within 30
                days of notification by the Executive under this Agreement, a
                lump sum payment equal to the amount accrued by Atlantic Coast
                Federal under generally accepted accounting principles for the
                benefits under this Agreement.

        (f)     SUCCESSORS AND ASSIGNS. This Agreement and the obligations of
                Atlantic Coast Federal herein shall be binding upon the
                successors and assigns of Atlantic Coast Federal. This Agreement
                may not be assigned by Atlantic Coast Federal without the prior
                written consent of the Executive or any other beneficiary
                receiving payments under this Agreement.

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        (g)     PARTICIPATION IN PLANS. Nothing contained in this Agreement
                shall be construed to alter, abridge, or in any manner affect
                the rights and privileges of the Executive to participate in and
                be covered by any pension, profit sharing, group insurance,
                bonus, incentive, or other employee plans which Atlantic Coast
                Federal or its affiliates or subsidiaries may now or hereafter
                have.

        (h)     NOTICES. Any notices under this Agreement shall be provided to
                the Executive at his last address on file with the Administrator
                and shall be provided to the Administrator in care of President,
                Atlantic Coast Federal, 505 Haines Avenue, Waycross, Georgia
                31501.

        (i)     HEADINGS. Headings of sections herein are inserted for
                convenience of reference. They are not to be considered in the
                construction of this Agreement.

        (j)     SAVINGS CLAUSE. If any provision of this Agreement shall be for
                any reason invalid or unenforceable, the remaining provisions
                shall be carried into effect.

        (k)     ENTIRE AGREEMENT. This Agreement constitutes the entire
                agreement between Atlantic Coast Federal and the Executive as to
                the subject matter hereof. No rights are granted to the
                Executive be virtue of this Agreement other than as specifically
                set forth herein.

        (l)     SUICIDE. No benefits shall be payable if the Executive commits
                suicide within two (2) years after the date of this Agreement,
                or if the Executive has made any material misstatement of fact
                on any application for life insurance purchased by Atlantic
                Coast Federal

        (m)     TOP HAT AGREEMENT. For purposes of the Internal Revenue Code,
                Atlantic Coast Federal intends this Agreement to be an unfunded,
                unsecured promise to pay on the part of Atlantic Coast Federal.
                For purposes of ERISA, Atlantic Coast Federal intends this
                Agreement to be an unfunded obligation solely for the benefit of
                the Executive for the purpose of qualifying this Agreement for
                the "top hat" exception under sections 201(2), 301(a)(3) and
                401(a) of ERISA.

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        The parties have caused this Agreement to be executed and delivered as
of the date first above written.

                                         ATLANTIC COAST FEDERAL

                                By:      /s/ H. Dennis Woods
                                         ---------------------------------------
                                         Name:
                                         Title:

                                         EXECUTIVE

                                         /s/ Robert J. Larison
                                         ---------------------------------------
                                         Robert J. Larison, Jr.

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                                  EXHIBIT 10.4

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                             ATLANTIC COAST FEDERAL

                             SUPPLEMENTAL EXECUTIVE
                                 RETIREMENT PLAN

                                November 1, 2002

        This Atlantic Coast Federal Supplemental Executive Retirement Plan (the
"Plan") is established for the purpose of providing retirement benefits to those
members of senior management who have contributed significantly to the success
and growth of Atlantic Coast Federal, and its predecessor Atlantic Coast Federal
Credit Union, whose services are vital to its continued growth and success in
the future and who are to be encouraged to remain a valuable part of our future
success.

                                    ARTICLE I
                             ELIGIBILITY AND VESTING

        Each individual who is selected by the Plan Administrator as eligible to
participate (each a "Participant") in the Plan and who has attained the vesting
requirement of one hundred and twenty (120) full months of service as a
full-time employee of Atlantic Coast Federal following the date of this Plan,
whether continuous or otherwise, shall be entitled to receive the retirement
benefits as provided in this Plan. Atlantic Coast Federal, in its sole
discretion, may allow exceptions to this service requirement for good cause
shown. Any Participant who resigns at the request of, or is removed from service
by, the Office of Thrift Supervision, Federal Deposit Insurance Corporation or
any other regulatory authority for Atlantic Coast Federal, shall be ineligible
to participate and shall forfeit any benefits under this Plan.

                                   ARTICLE II
                               RETIREMENT BENEFIT

        A.      NORMAL RETIREMENT. Atlantic Coast Federal shall pay to the
Participant, following cessation of employment in any capacity and the
attainment of sixty-five (65) years of age ("Retirement Age"), an annual normal
retirement benefit of twenty thousand dollars ($20,000) per year, payable
annually, commencing on January 1st of the year following attainment of the
Retirement Age and on each anniversary thereafter for a period of twenty (20)
years (the "Benefit Period"). The benefits paid under this Article shall be
subject to withholding in accordance with federal and state law.

        B.      EARLY RETIREMENT OPTION. At the Participant's discretion, in
accordance with the other provisions of the Plan, including eligibility, each
Participant may elect to voluntarily terminate employment with Atlantic Coast
Federal and receive an annual early retirement benefit by filing the election
form in Appendix A with the Plan Administrator prior to the cessation of
employment. The early retirement option may not be elected by any Participant
who ceases to be an employee of

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Atlantic Coast Federal prior to the age of fifty-five (55) and is in lieu of the
normal retirement benefit provided under Article II.A. of this Plan.

        The annual early retirement benefit shall be calculated as follows: for
each year that the Participant's age is less than the Retirement Age (i.e.,
early retirement), the retirement benefit in Article II.A. shall be reduced by
one thousand dollars ($1,000) per year. The timing of the annual payment and the
Benefit Period for early retirement benefits shall be the same as those set
forth in Article II.A. The Participant's age shall be determined at the end of
the calendar year preceding the year in which benefits are requested to begin.
For example, a Participant who chooses early retirement at age sixty (60) would
receive fifteen thousand dollars ($15,000) per year for twenty (20) years
commencing January 1st in the year following the calendar year in which early
retirement was elected.

        C.      DEATH DURING BENEFIT PERIOD. If the Participant dies within the
Benefit Period, the remaining annual payments due the Participant shall be paid
to the Participant's designated beneficiary (including any contingent
beneficiary) on file with Atlantic Coast Federal in the form of Appendix B or if
no designation is on file, the spouse shall be the designated beneficiary. In
the absence of any surviving beneficiary or spouse, the benefits shall be paid
to the personal representative of the estate of the Participant.

        If the Participant's designated beneficiary begins to receive the annual
payments and thereafter dies without receiving the remaining annual payments,
Atlantic Coast Federal shall pay the installments remaining to the contingent
beneficiary, if any, and then to the personal representative of the estate of
the designated beneficiary.

        D.      DEATH OF PARTICIPANT PRIOR TO RETIREMENT BUT AFTER VESTING. In
the event the Participant should die prior to attaining Retirement Age and prior
to electing early retirement benefits, Atlantic Coast Federal agrees to pay to
the Participant's designated beneficiary the retirement benefit the Participant
would have otherwise received as if he or she had attained Retirement Age at his
or her death commencing January 1st of the year following the Participant's
death. If the designated beneficiary (including any contingent beneficiary) dies
before receiving all the annual installments, Atlantic Coast Federal shall pay
the remaining installments to the personal representative of the estate of the
designated beneficiary. If the Participant dies prior to retirement with no
surviving designated beneficiary (including any spouse or contingent
beneficiary), Atlantic Coast Federal shall pay the installments to the personal
representative of the estate of the Participant. Notwithstanding any other terms
of this Plan, no death benefit shall be payable under this Plan if it is
determined that the Participant's death was caused by suicide.

        E.      DEATH PRIOR TO FULL VESTING. In the event a Participant dies
while employed by Atlantic Coast Federal, and has attained at least sixty (60)
full months of service (whether continuous or otherwise), such person shall be
eligible for benefits as a Participant in this Plan whether or not the
Participant has met the Retirement Age. The amount of the annual benefits
payable to such person or his or her designated beneficiary, as the case may be,
over the Benefit Period shall be equal to the product of twenty thousand dollars
($20,000) multiplied by a fraction the denominator of which is one-hundred and
twenty (120) and the numerator of which is the number of full months of

<PAGE>

service as an employee. Such benefits shall be paid in equal annual installments
over the Benefit Period on January 1st of each year.

        F.      PRESENT VALUE OF DISTRIBUTION BENEFITS. Upon the request of the
designated beneficiary or the personal representative and for good cause shown,
Atlantic Coast Federal may (but is not obligated to do so) pay in a lump sum:
(1) eighty percent (80%) of the present value of the remaining benefits as set
forth in Articles II.C, D or E, as applicable, to the designated beneficiary or
(2) an amount necessary (but not exceeding the present value of the remaining
benefits) to meet any unforeseeable emergency caused by an event beyond the
control of the beneficiary or personal representative that would result in
severe financial hardship if the distribution was not permitted. Any remaining
future payments shall be adjusted to reflect the distribution under this Article
II.F. The present value determination shall be equal to the amount accrued by
Atlantic Coast Federal in accordance with generally accepted accounting
principles.

                                   ARTICLE III
                                 STATUS OF PLAN

        This Plan does not constitute a contract of employment for any
Participant, nor shall any provision of this Plan be construed as giving the
Participant the right to continued service as an employee of Atlantic Coast
Federal.

                                   ARTICLE IV
                                 BINDING EFFECT

        This Plan shall be binding upon the parties hereto and upon the
successors and assigns of Atlantic Coast Federal, and upon the heirs and legal
representatives of the Participant.

                                    ARTICLE V
                              ASSIGNMENT OF RIGHTS

        Neither the Participant nor the any beneficiary or personal
representative of the Participant can assign any of the rights to benefits under
this Plan. Any attempt to anticipate, sell, transfer, assign, pledge, encumber
or change the Participant's right to receive benefits shall be void. The rights
to benefits are not subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment or garnishment by
creditors.

                                   ARTICLE VI
                                  CHOICE OF LAW

        This Plan shall be construed under and governed by the laws of the State
of Georgia, except to the extent preempted by the laws of the United States of
America.

<PAGE>

                                   ARTICLE VII
                              UNFUNDED ARRANGEMENT

        The Participant and any beneficiary are general unsecured creditors of
Atlantic Coast Federal for the payment of benefits under this Plan. The benefits
represent the mere promise by Atlantic Coast Federal to pay such benefits. The
benefits payable under this Plan are payable from the general assets of Atlantic
Coast Federal and no special fund or arrangement is intended to be established
hereby nor shall Atlantic Coast Federal be required to earmark, place in trust
or otherwise segregate assets with respect to this Plan or any benefits
hereunder.

                                  ARTICLE VIII
                               PLAN ADMINISTRATOR

        Atlantic Coast Federal is hereby designated the Plan Administrator. As
Plan Administrator, Atlantic Coast Federal shall be responsible for the
management, control, interpretation and administration of this Plan as
established herein and may allocate to others certain aspects of the management
and operation responsibilities of the Plan including the employment of advisors
and the delegation of any ministerial duties to qualified individuals. The Plan
Administrator shall allow such exceptions to the requirements from this Plan for
good cause shown. All decisions of the Plan Administrator shall be final and
benefits under this Plan shall be paid only if the Plan Administrator decides in
its discretion that the applicant is entitled to such benefits. Any notices or
claims under this Plan shall be filed with the Plan Administrator in care of the
President of Atlantic Coast Federal.

                                   ARTICLE IX
                                     CLAIMS

        In the event a claim for benefits is wholly or partially denied under
this Plan, the Participant or any other person claiming benefits under this Plan
(a "Claimant"), shall be given notice in writing within thirty (30) calendar
days after the Plan Administrator's receipt of the claim. For good cause shown,
the Plan Administrator may extend this period for an additional thirty (30)
calendar days. Any denial must specifically set forth the reasons for the denial
and any additional information necessary to rescind such denial. The Claimant
shall have the right to seek a review of the denial by filing a written request
with the Plan Administrator within sixty (60) calendar days of receipt of the
denial. Such request may be supported by such documentation and evidence deemed
relevant by the Claimant. Following receipt of this information, the Plan
Administrator shall make a final determination and notify the Claimant in
writing within sixty (60) calendar days of the Plan Administrator's receipt of
the request for review together with the specific reasons for the decision.

                                    ARTICLE X
                                   AMENDMENTS

        This Plan may be amended by Atlantic Coast Federal any time, but no such
amendment shall affect the rights of, or reduce the benefits to, any Participant
without their written consent.

<PAGE>

                                   ARTICLE XI
                                  TOP HAT PLAN

        For purposes of the Internal Revenue Code, Atlantic Coast Federal
intends this Plan to be an unfunded, unsecured promise to pay on the part of
Atlantic Coast Federal . For purposes of ERISA, Atlantic Coast Federal intends
this Plan to be an unfunded Plan solely for the benefit of a select group of
management or highly compensated employees of Atlantic Coast Federal for the
purpose of qualifying this Plan for the "top hat" Plan exception under sections
201(2), 301(a)(3) and 401(a)(1) of ERISA.

                                 Acknowledgment

I hereby acknowledge receipt of a copy of this Plan and agree to comply with its
terms.

------------------------------------------       -------------------------------
PARTICIPANT'S SIGNATURE                          DATE

<PAGE>

                                   APPENDIX A
                            EARLY RETIREMENT ELECTION

I, ___________________________, hereby elect to receive, following my voluntary
termination of employment with Atlantic Coast Federal, the benefits under the
Atlantic Coast Federal Supplemental Executive Retirement Plan beginning on
_____________. I understand that my benefits will be reduced for each year that
my age is under the age of 65. I understand that I may change this designation
only by filing a new written designation with Atlantic Coast Federal.

                                           Consented to by Participant's spouse:
Participant's                              Spouse's
Signature         ______________________   Signature     _______________________

Date              ______________________   Date          _______________________

Accepted by Atlantic Coast Federal this ____ day of ______, 200__.

By:               ______________________

Title:            ______________________

<PAGE>

                                   APPENDIX B
                             BENEFICIARY DESIGNATION

I, ___________________________, designate the following as beneficiary of any
death benefits payable under the Atlantic Coast Federal Supplemental Executive
Retirement Plan.

PRIMARY BENEFICIARY

Name  ___________________________________    Relationship  ____________________

Address  ______________________________________________________________________

CONTINGENT BENEFICIARY (to receive the benefits if there is no surviving Primary
Beneficiary)

Name  ___________________________________    Relationship  ____________________

Address  ______________________________________________________________________

NOTE: TO NAME A TRUST AS BENEFICIARY, PLEASE PROVIDE THE NAME OF THE TRUSTEE AND
THE EXACT DATE OF THE TRUST AGREEMENT.

I understand that I may change these beneficiary designations only by filing a
new written designation with Atlantic Coast Federal. I further understand that
the designations will be automatically revoked if the beneficiary predeceases
me, or, if I have named my spouse as beneficiary, in the event of the
dissolution of our marriage.

                                           Consented to by Participant's spouse:
Participant's                              Spouse's
Signature         ______________________   Signature     _______________________

Date              ______________________   Date          _______________________

Accepted by Atlantic Coast Federal this ____ day of ______, 200__.

By:               ______________________

Title:            ______________________

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