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EXHIBIT 10.1

                        SUPPLEMENTAL RETIREMENT AGREEMENT

            THIS SUPPLEMENTAL RETIREMENT AGREEMENT is made as of January 1, 2006
by and between ATLANTIC COAST FEDERAL (the "Bank"), its successors and assigns
and JON C. PARKER, SR. (the "Executive").

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, 0.75% for each full calendar quarter of the
            Executive's employment with the Bank since January 1, 2006,
            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%.

      (b)   ADMINISTRATOR shall mean the person or committee appointed by the
            Board of Directors of the Bank 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 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 the Bank 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 earliest of (i) the Executive's Normal
            Retirement Date; (ii) the Executive's Separation from Service; (iii)
            the Executive's death; or (iv) a Change in Control.

      (e)   CAUSE shall mean a Separation from Service due to the Executive's
            personal dishonesty, incompetence, 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.

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      (f)   CHANGE IN CONTROL shall mean the following:

            (1)   "Change in Control" shall mean (i) a change in the ownership
            of the Bank or Atlantic Coast Federal Corporation (the "Company"),
            (ii) a change in the effective control of the Bank or Company, or
            (iii) a change in the ownership of a substantial portion of the
            assets of the Bank or Company, as described below. Notwithstanding
            anything herein to the contrary, the reorganization of Atlantic
            Coast Federal, MHC by way of a "second-step conversion" shall not be
            deemed a Change in Control.

            (2)   A change in ownership occurs on the date that any one person,
            or more than one person acting as a group (as defined in Proposed
            Treasury Regulations section 1.409A-3(g)(5)(v)(B)), acquires
            ownership of stock of the Bank or Company that, together with stock
            held by such person or group, constitutes more than 50% of the total
            fair market value or total voting power of the stock of such
            corporation.

            (3)   A change in the effective control of the Bank or Company
            occurs on the date that either (i) any one person, or more than one
            person acting as a group (as defined in Proposed Treasury
            Regulations section 1.409A-3(g)(5)(vi)(B)) acquires (or has acquired
            during the 12-month period ending on the date of the most recent
            acquisition by such person or persons) ownership of stock of the
            Bank or Company possessing 35% or more of the total voting power of
            the stock of the Bank or Company, or (ii) a majority of the members
            of the Bank's or Company's board of directors is replaced during any
            12-month period by directors whose appointment or election is not
            endorsed by a majority of the members of the Bank's or Company's
            board of directors prior to the date of the appointment or election,
            provided that this sub-section "(ii)" is inapplicable where a
            majority shareholder of the Bank or Company is another corporation.

            (4)   A change in a substantial portion of the Bank's or Company's
            assets occurs on the date that any one person or more than one
            person acting as a group (as defined in Proposed Treasury
            Regulations section 1.409A-3(g)(5)(vii)(C)) acquires (or has
            acquired during the 12-month period ending on the date of the most
            recent acquisition by such person or persons) assets from the Bank
            or Company that have a total gross fair market value equal to or
            more than 40% of the total gross fair market value of (i) all of the
            assets of the Bank or Company, or (ii) the value of the assets being
            disposed of, either of which is determined without regard to any
            liabilities associated with such assets. For all purposes hereunder,
            the definition of Change in Control shall be construed to be
            consistent with the requirements of Proposed Treasury Regulations
            section 1.409A-3(g)(5), except to the extent that such proposed
            regulations are superseded by subsequent guidance.

      (g)   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 for the Bank, 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 from the
            Executive's principal workplace as of the date hereof; (ii) a
            material demotion of the Executive; (iii) a material reduction in

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            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 the Bank; 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 or
            suspension or temporary or permanent prohibition from participation
            in the conduct of the Bank's affairs under Section 8 of the Federal
            Deposit Insurance Act.

      (h)   MONTHLY BENEFIT shall mean the Average Compensation multiplied by
            the Accrued Benefit Percentage and then divided by twelve (12),
            calculated at the Benefit Commencement Date.

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

      (j)   SEPARATION FROM SERVICE shall mean the date of cessation of the
            employment relationship (other than an approved leave of absence)
            between the Executive and the Bank and its affiliates and
            subsidiaries (including any successor in interest, if applicable),
            and shall be construed to comply with Code Section 409A and Proposed
            Treasury Regulations Section 1.409A-1(h).

      (k)   SPECIFIED EMPLOYEE shall mean a key employee of the Bank within the
            meaning of Code Section 416(i) without regard to paragraph 5
            thereof, determined in accordance with Code Section 409A and
            Proposed Treasury Regulations Section 1.409A-1(i).

2.    PAYMENT OF BENEFITS.

      (a)   NORMAL BENEFIT. If the Executive is living on the Benefit
            Commencement Date, the Bank shall pay the Monthly Benefit to him on
            such date and on the first business day of each calendar month
            thereafter for a total of 180 months (i.e., monthly payments for 15
            years), regardless of whether the Executive has experienced a
            Separation from Service; provided however, that, if the Executive
            has experienced a Separation from Service, then, to the extent
            necessary to comply with Code Section 409A and the regulations
            thereunder, such payments shall not commence until the first day of
            the seventh month following the date of the Executive's Separation
            from Service if the Executive is a Specified Employee on his date of
            Separation from Service.

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      (b)   DEATH BENEFIT.

                  (i)   DEATH DURING OR AFTER SERVICE. If the Executive dies
                        prior to the Normal Retirement Date, the Bank 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 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 on or
                        after the Benefit Commencement Date, the Bank shall
                        continue to make the remaining monthly payments due to
                        the Executive to the beneficiary designated by the
                        Executive on Exhibit A.

      (c)   SEPARATION FROM SERVICE BENEFIT. In the event the Executive incurs a
            Separation from Service due to an Involuntary Termination before the
            Normal Retirement Date, the Bank shall pay the Monthly Benefit to
            the Executive, using an Accrued Benefit Percentage of not less than
            60%, commencing on the first business day of the month following the
            Separation from Service and on the first business day of each
            calendar month thereafter for a total of 180 months; (i) provided,
            however, that in the event of Separation from Service due to Cause,
            except as may be prohibited by federal law, 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 Separation from Service and
            on the first business date of each calendar month thereafter for a
            total of 180 months; and (ii) provided, further, that, to the extent
            necessary to comply with Code Section 409A and the regulations
            thereunder, such payments shall not commence until the first day of
            the seventh month following the date of the Executive's Separation
            from Service if the Executive is a Specified Employee on his date of
            Separation from Service.

      (d)   CHANGE IN CONTROL BENEFIT. Subject to Section 5, if a Change in
            Control occurs before the Normal Retirement Date, then, within 30
            calendar days of a Change in Control, the Bank shall pay the
            Executive a lump sum equal to the present value of the Monthly
            Benefit that would otherwise be paid to the Executive hereunder,
            using an Accrued Benefit Percentage of not less than 60%, regardless
            of whether the Executive has experienced a Separation from Service;
            provided however, that, if the Executive has experienced a
            Separation from Service, then, to the extent necessary to comply
            with Code Section 409A and the regulations thereunder, such payments
            shall not be made until the first day of the seventh month following
            the date of the Executive's Separation from Service if the Executive
            is a Specified Employee on his date of Separation from Service.

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3.    REQUIRED PROVISIONS.

      (a)   The Bank may terminate Executive's employment at any time, but any
termination by the Bank other than Separation from Service for Cause as defined
above shall not prejudice Executive's right to compensation or other benefits
under this Agreement. Executive shall have no right to receive compensation or
other benefits for any period after Separation from Service for Cause.

      (b)   If Executive is suspended from office and/or temporarily prohibited
from participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) [12 USC ss.1818(e)(3)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
Federal Deposit Insurance Act (the "FDI Act"), the Bank's obligations under this
Agreement shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Bank
may in its discretion (i) pay Executive all or part of the compensation withheld
while its contract obligations were suspended and (ii) reinstate (in whole or in
part) any of its obligations which were suspended.

      (c)   If Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
Section 8(e)(4) [12 USC ss.1818(e)(4)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
FDI Act, all obligations of the Bank under this Agreement shall terminate as of
the effective date of the order, but vested rights of the contracting parties
shall not be affected.

      (d)   If the Bank is in default as defined in Section 3(x)(1) [12 USC
ss.1813(x)(1)] of the FDI Act, all obligations of the Bank under this Agreement
shall terminate as of the date of default, but this paragraph shall not affect
any vested rights of the contracting parties.

      (e)   All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of this Agreement is necessary for the
continued operation of the Bank, (i) by the Director of the Office of Thrift
Supervision ("OTS") or his or her designee, at the time the FDIC enters into an
agreement to provide assistance to or on behalf of the Bank under the authority
contained in Section 13(c) [12 USC ss.1823(c)] of the FDI Act; or (ii) by the
Director or his or her designee at the time the Director or his or her designee
approves a supervisory merger to resolve problems related to operation of the
Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

      (f)   Notwithstanding anything herein contained to the contrary, any
payments to Executive by the Company, whether pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with Section
18(k) of the FDI Act, 12 U.S.C. Section 1828(k), and the regulations promulgated
thereunder in 12 C.F.R. Part 359.

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

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      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 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 the Bank and no special fund or
      arrangement is intended to be established hereby nor shall the Bank 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 the Bank 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, the Bank shall be the owner and
      beneficiary of each such policy unless otherwise provided by this
      Agreement. Bank 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 the
      Bank's obligation to pay the Executive the benefits as provided in this
      Agreement. At no time shall the Executive be deemed to have any right,
      title, or interest in or to any specific asset or assets of the Bank,
      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 the Bank or
      the consolidated group of which the Bank 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 Bank 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 Bank 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 the Bank 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,
      the Bank 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 the Bank under the Georgia
      Uniform Transfers to Minors Act for the benefit of such minor. The Bank
      may require proof of incompetency, minority or guardianship as it may deem
      appropriate prior to distribution of the benefit. Such distribution shall
      completely discharge the Bank from all liability with respect to such
      benefit.

8.    AMENDMENT AND TERMINATION.

      (a)   AMENDMENT. The Bank may at any time amend the Agreement in whole or
            in part, provided, however, that no amendment shall decrease or
            restrict the amount accrued to the date of amendment.

      (b)   TERMINATION. The Bank may at any time partially or completely
            terminate the Agreement, if, in its judgment, the tax, accounting,
            or other effects of the continuance of the Agreement, or potential
            payments thereunder, would not be in the best interests of the Bank.

            (i)   PARTIAL TERMINATION. In the event of a partial termination,
      the Agreement shall continue to operate and be effective with regard to
      benefits accrued prior to the effective date of such partial termination,
      but no further benefits shall accrue after the date of such partial
      termination.

            (ii)  COMPLETE TERMINATION. Subject to the requirements of Code
      Section 409A, in the event of complete termination, the Agreement shall
      cease to operate and the Bank shall pay the Executive his Account as if he
      had terminated service as of the effective date of the complete
      termination. Such complete termination of the Agreement shall occur only
      under the following circumstances and conditions.

                  (A)   The Bank may terminate the Agreement within 12 months of
            a corporate dissolution taxed under Code section 331, or with
            approval of a bankruptcy court pursuant to 11 U.S.C.
            ss.503(b)(1)(A), provided that the amounts accrued under the
            Agreement are included in the Executive's gross income in the latest
            of (i) the calendar year in which the Agreement terminates; (ii) the
            calendar year in which the amount is no longer subject to a
            substantial risk of forfeiture; or (iii) the first calendar year in
            which the payment is administratively practicable.

                  (B)   The Bank may terminate the Agreement within the 30 days
            preceding a Change in Control (but not following a Change in
            Control), provided that the Agreement shall only be treated as
            terminated if all substantially similar arrangements sponsored by
            the Bank are terminated so that the Executive and all participants
            under substantially similar arrangements are required to receive all
            amounts of compensation deferred under the terminated arrangements
            within 12 months of the date of the termination of the arrangements.

                  (C)   The Bank may terminate the Agreement provided that (i)
            all arrangements sponsored by the Bank that would be aggregated with
            this Agreement under Proposed Treasury regulations section
            1.409A-1(c) if any individual; covered by this Agreement was also

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            covered by any of those other arrangements are also terminated; (ii)
            no payments other than payments that would be payable under the
            terms of the arrangement if the termination had not occurred are
            made within 12 months of the termination of the arrangement; (iii)
            all payments are made within 24 months of the termination of the
            arrangements; and (iv) the Bank does not adopt a new arrangement
            that would be aggregated with any terminated arrangement under
            Proposed Treasury regulations section 1.409A-1(c) if the same
            individual participated in both arrangements, at any time within
            five years following the date of termination of the arrangement.

                  (D)   The Bank may terminate the Agreement pursuant to such
            other terms and conditions as the Internal Revenue Service may
            permit from time to time.

9.    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, the Bank may withhold from each
            such payment an amount necessary to meet the Bank'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
            the Bank 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)   SUCCESSORS AND ASSIGNS. This Agreement and the obligations of the
            Bank herein shall be binding upon the successors and assigns of the
            Bank. This Agreement may not be assigned by the Bank without the
            prior written consent of the Executive or any other beneficiary
            receiving payments under this Agreement.

      (f)   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 the Bank or its affiliates or subsidiaries may
            now or hereafter have.

      (g)   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.

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

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

      (j)   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
            between the Bank 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.

      (k)   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 the Bank

      (l)   TOP HAT AGREEMENT. For purposes of the Internal Revenue Code, the
            Bank intends this Agreement to be an unfunded, unsecured promise to
            pay on the part of the Bank. For purposes of ERISA, the Bank 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.

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

                                           ATLANTIC COAST FEDERAL

                                       By: /s/ Forrest W. Sweat, Jr.
                                           -------------------------------------
                                           Name: Forrest W. Sweat, Jr.
                                           Title: Vice-Chairman

                                           EXECUTIVE

                                           /s/ Jon C. Parker, Sr.
                                           -------------------------------------
                                           Jon C. Parker, Sr.

                                       9<PAGE>

EXHIBIT 10.2

                        SUPPLEMENTAL RETIREMENT AGREEMENT

            THIS SUPPLEMENTAL RETIREMENT AGREEMENT is made as of January 1, 2006
by and between ATLANTIC COAST FEDERAL (the "Bank"), its successors and assigns
and CARL W. INSEL. (the "Executive").

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, 1.15% for each full calendar quarter of the
            Executive's employment with the Bank since January 1, 2006,
            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%.

      (b)   ADMINISTRATOR shall mean the person or committee appointed by the
            Board of Directors of the Bank 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 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 the Bank 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 earliest of (i) the Executive's Normal
            Retirement Date; (ii) the Executive's Separation from Service; (iii)
            the Executive's death; (iv) the Executive's Disability; or (v) a
            Change in Control.

      (e)   CAUSE shall mean a Separation from Service due to the Executive's
            personal dishonesty, incompetence, 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.

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      (f)   CHANGE IN CONTROL shall mean the following:

            (1)   "Change in Control" shall mean (i) a change in the ownership
            of the Bank or Atlantic Coast Federal Corporation (the "Company"),
            (ii) a change in the effective control of the Bank or Company, or
            (iii) a change in the ownership of a substantial portion of the
            assets of the Bank or Company, as described below. Notwithstanding
            anything herein to the contrary, the reorganization of Atlantic
            Coast Federal, MHC by way of a "second-step conversion" shall not be
            deemed a Change in Control.

            (2)   A change in ownership occurs on the date that any one person,
            or more than one person acting as a group (as defined in Proposed
            Treasury Regulations section 1.409A-3(g)(5)(v)(B)), acquires
            ownership of stock of the Bank or Company that, together with stock
            held by such person or group, constitutes more than 50% of the total
            fair market value or total voting power of the stock of such
            corporation.

            (3)   A change in the effective control of the Bank or Company
            occurs on the date that either (i) any one person, or more than one
            person acting as a group (as defined in Proposed Treasury
            Regulations section 1.409A-3(g)(5)(vi)(B)) acquires (or has acquired
            during the 12-month period ending on the date of the most recent
            acquisition by such person or persons) ownership of stock of the
            Bank or Company possessing 35% or more of the total voting power of
            the stock of the Bank or Company, or (ii) a majority of the members
            of the Bank's or Company's board of directors is replaced during any
            12-month period by directors whose appointment or election is not
            endorsed by a majority of the members of the Bank's or Company's
            board of directors prior to the date of the appointment or election,
            provided that this sub-section "(ii)" is inapplicable where a
            majority shareholder of the Bank or Company is another corporation.

            (4)   A change in a substantial portion of the Bank's or Company's
            assets occurs on the date that any one person or more than one
            person acting as a group (as defined in Proposed Treasury
            Regulations section 1.409A-3(g)(5)(vii)(C)) acquires (or has
            acquired during the 12-month period ending on the date of the most
            recent acquisition by such person or persons) assets from the Bank
            or Company that have a total gross fair market value equal to or
            more than 40% of the total gross fair market value of (i) all of the
            assets of the Bank or Company, or (ii) the value of the assets being
            disposed of, either of which is determined without regard to any
            liabilities associated with such assets. For all purposes hereunder,
            the definition of Change in Control shall be construed to be
            consistent with the requirements of Proposed Treasury Regulations
            section 1.409A-3(g)(5), except to the extent that such proposed
            regulations are superseded by subsequent guidance.

      (g)   DISABLED OR DISABILITY shall mean the Executive:

            (1)   is unable to engage in any substantial gainful activity by
            reason of any medically determinable physical or mental impairment
            which can be expected to result in death, or last for a continuous
            period of not less than 12 months;

                                       2
<PAGE>

            (2)   by reason of any medically determinable physical or mental
            impairment which can be expected to result in death, or last for a
            continuous period of not less than 12 months, is receiving income
            replacement benefits for a period of not less than three months
            under an accident and health plan covering employees of the Bank; or

            (3)   is determined to be totally disabled by the Social Security
            Administration.

      (h)   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 Executive Vice President of the
            Bank, 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 from the Executive's principal workplace 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 the Bank; 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 the Bank's affairs under Section 8
            of the Federal Deposit Insurance Act.

      (i)   MONTHLY BENEFIT shall mean the Average Compensation multiplied by
            the Accrued Benefit Percentage and then divided by twelve (12),
            calculated at the Benefit Commencement Date.

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

      (k)   SEPARATION FROM SERVICE shall mean the date of cessation of the
            employment relationship (other than an approved leave of absence)
            between the Executive and the Bank and its affiliates and
            subsidiaries (including any successor in interest, if applicable),
            and shall be construed to comply with Code Section 409A and Proposed
            Treasury Regulations Section 1.409A-1(h).

      (l)   SPECIFIED EMPLOYEE shall mean a key employee of the Bank within the
            meaning of Code Section 416(i) without regard to paragraph 5
            thereof, determined in accordance with Code Section 409A and
            Proposed Treasury Regulations Section 1.409A-1(i).

2.    PAYMENT OF BENEFITS.

      (a)   NORMAL BENEFIT. If the Executive is living on the Benefit
            Commencement Date, the Bank shall pay the Monthly Benefit to him on
            such date and on the first business day of each calendar month
            thereafter for a total of 180 months (i.e., monthly payments for 15

                                       3
<PAGE>

            years), regardless of whether the Executive has experienced a
            Separation from Service; provided however, that, if the Executive
            has experienced a Separation from Service, then, to the extent
            necessary to comply with Code Section 409A and the regulations
            thereunder, such payments shall not commence until the first day of
            the seventh month following the date of the Executive's Separation
            from Service if the Executive is a Specified Employee on his date of
            Separation from Service.

      (b)   DEATH BENEFIT.

                  (i)   DEATH DURING OR AFTER SERVICE. If the Executive dies
                        prior to the Normal Retirement Date, the Bank 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 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 on or
                        after the Benefit Commencement Date, the Bank shall
                        continue to make the remaining monthly payments due to
                        the Executive to the beneficiary designated by the
                        Executive on Exhibit A.

      (c)   DISABILITY BENEFIT. If the Executive becomes Disabled before the
            Normal Retirement Date, the Bank shall pay the Monthly Benefit to
            him, using an Accrued Benefit Percentage of not less than 60%,
            starting on the first business day of the calendar month following
            the date on which the Executive became Disabled and on the first
            business day of each calendar month thereafter for a total of 180
            months (i.e., monthly payments for 15 years). If the Executive dies
            after becoming entitled to Disability benefits, the Bank shall
            continue to make the remaining monthly payments due to the Executive
            to the beneficiary designated by the Executive on Exhibit A.

      (d)   SEPARATION FROM SERVICE BENEFIT. In the event the Executive incurs a
            Separation from Service due to an Involuntary Termination before the
            Normal Retirement Date, the Bank shall pay the Monthly Benefit to
            the Executive, using an Accrued Benefit Percentage of not less than
            60%, commencing on the first business day of the month following the
            Separation from Service and on the first business day of each
            calendar month thereafter for a total of 180 months; (i) provided,
            however, that in the event of Separation from Service due to Cause,
            except as may be prohibited by federal law, 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 Separation from Service and
            on the first business date of each calendar month thereafter for a
            total of 180 months; and (ii) provided, further, that, to the extent
            necessary to comply with Code Section 409A and the regulations
            thereunder, such payments shall not commence until the first day of
            the seventh month following the date of the Executive's Separation
            from Service if the Executive is a Specified Employee on his date of
            Separation from Service.

                                       4
<PAGE>

      (e)   CHANGE IN CONTROL BENEFIT. Subject to Section 5, if a Change in
            Control occurs before the Normal Retirement Date, then, within 30
            calendar days of a Change in Control, the Bank shall pay the
            Executive a lump sum equal to the present value of the Monthly
            Benefit that would otherwise be paid to the Executive hereunder,
            using an Accrued Benefit Percentage of not less than 60%, regardless
            of whether the Executive has experienced a Separation from Service;
            provided however, that, if the Executive has experienced a
            Separation from Service, then, to the extent necessary to comply
            with Code Section 409A and the regulations thereunder, such payments
            shall not be made until the first day of the seventh month following
            the date of the Executive's Separation from Service if the Executive
            is a Specified Employee on his date of Separation from Service.

3.    REQUIRED PROVISIONS.

      (a)   The Bank may terminate Executive's employment at any time, but any
termination by the Bank other than Separation from Service for Cause as defined
above shall not prejudice Executive's right to compensation or other benefits
under this Agreement. Executive shall have no right to receive compensation or
other benefits for any period after Separation from Service for Cause.

      (b)   If Executive is suspended from office and/or temporarily prohibited
from participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) [12 USC ss.1818(e)(3)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
Federal Deposit Insurance Act (the "FDI Act"), the Bank's obligations under this
Agreement shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Bank
may in its discretion (i) pay Executive all or part of the compensation withheld
while its contract obligations were suspended and (ii) reinstate (in whole or in
part) any of its obligations which were suspended.

      (c)   If Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
Section 8(e)(4) [12 USC ss.1818(e)(4)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
FDI Act, all obligations of the Bank under this Agreement shall terminate as of
the effective date of the order, but vested rights of the contracting parties
shall not be affected.

      (d)   If the Bank is in default as defined in Section 3(x)(1) [12 USC
ss.1813(x)(1)] of the FDI Act, all obligations of the Bank under this Agreement
shall terminate as of the date of default, but this paragraph shall not affect
any vested rights of the contracting parties.

      (e)   All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of this Agreement is necessary for the
continued operation of the Bank, (i) by the Director of the Office of Thrift
Supervision ("OTS") or his or her designee, at the time the FDIC enters into an
agreement to provide assistance to or on behalf of the Bank under the authority
contained in Section 13(c) [12 USC ss.1823(c)] of the FDI Act; or (ii) by the
Director or his or her designee at the time the Director or his or her designee
approves a supervisory merger to resolve problems related to operation of the
Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

                                       5
<PAGE>

      (f)   Notwithstanding anything herein contained to the contrary, any
payments to Executive by the Company, whether pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with Section
18(k) of the FDI Act, 12 U.S.C. Section 1828(k), and the regulations promulgated
thereunder in 12 C.F.R. Part 359.

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 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 the Bank and no special fund or
      arrangement is intended to be established hereby nor shall the Bank 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 the Bank 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, the Bank shall be the owner and
      beneficiary of each such policy unless otherwise provided by this
      Agreement. Bank 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 the
      Bank's obligation to pay the Executive the benefits as provided in this
      Agreement. At no time shall the Executive be deemed to have any right,
      title, or interest in or to any specific asset or assets of the Bank,
      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 the Bank or
      the consolidated group of which the Bank 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 Bank 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.

                                       6
<PAGE>

7.    BENEFICIARY DESIGNATIONS. The Executive shall designate a beneficiary by
      filing with Bank 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 the Bank 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.

      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,
      the Bank 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 the Bank under the Georgia
      Uniform Transfers to Minors Act for the benefit of such minor. The Bank
      may require proof of incompetency, minority or guardianship as it may deem
      appropriate prior to distribution of the benefit. Such distribution shall
      completely discharge the Bank from all liability with respect to such
      benefit.

8.    AMENDMENT AND TERMINATION.

      (a)   AMENDMENT. The Bank may at any time amend the Agreement in whole or
            in part, provided, however, that no amendment shall decrease or
            restrict the amount accrued to the date of amendment.

      (b)   TERMINATION. The Bank may at any time partially or completely
            terminate the Agreement, if, in its judgment, the tax, accounting,
            or other effects of the continuance of the Agreement, or potential
            payments thereunder, would not be in the best interests of the Bank.

            (i)   PARTIAL TERMINATION. In the event of a partial termination,
      the Agreement shall continue to operate and be effective with regard to
      benefits accrued prior to the effective date of such partial termination,
      but no further benefits shall accrue after the date of such partial
      termination.

            (ii)  COMPLETE TERMINATION. Subject to the requirements of Code
      Section 409A, in the event of complete termination, the Agreement shall
      cease to operate and the Bank shall pay the Executive his Account as if he
      had terminated service as of the effective date of the complete
      termination. Such complete termination of the Agreement shall occur only
      under the following circumstances and conditions.

                  (A)   The Bank may terminate the Agreement within 12 months of
            a corporate dissolution taxed under Code section 331, or with
            approval of a bankruptcy court pursuant to 11 U.S.C.
            ss.503(b)(1)(A), provided that the amounts accrued under the
            Agreement are included in the Executive's gross income in the latest
            of (i) the calendar year in which the Agreement terminates; (ii) the
            calendar year in which the amount is no longer subject to a
            substantial risk of forfeiture; or (iii) the first calendar year in
            which the payment is administratively practicable.

                                       7
<PAGE>

                  (B)   The Bank may terminate the Agreement within the 30 days
            preceding a Change in Control (but not following a Change in
            Control), provided that the Agreement shall only be treated as
            terminated if all substantially similar arrangements sponsored by
            the Bank are terminated so that the Executive and all participants
            under substantially similar arrangements are required to receive all
            amounts of compensation deferred under the terminated arrangements
            within 12 months of the date of the termination of the arrangements.

                  (C)   The Bank may terminate the Agreement provided that (i)
            all arrangements sponsored by the Bank that would be aggregated with
            this Agreement under Proposed Treasury regulations section
            1.409A-1(c) if any individual; covered by this Agreement was also
            covered by any of those other arrangements are also terminated; (ii)
            no payments other than payments that would be payable under the
            terms of the arrangement if the termination had not occurred are
            made within 12 months of the termination of the arrangement; (iii)
            all payments are made within 24 months of the termination of the
            arrangements; and (iv) the Bank does not adopt a new arrangement
            that would be aggregated with any terminated arrangement under
            Proposed Treasury regulations section 1.409A-1(c) if the same
            individual participated in both arrangements, at any time within
            five years following the date of termination of the arrangement.

                  (D)   The Bank may terminate the Agreement pursuant to such
            other terms and conditions as the Internal Revenue Service may
            permit from time to time.

9.    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, the Bank may withhold from each
            such payment an amount necessary to meet the Bank'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
            the Bank 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.

                                       8
<PAGE>

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

      (f)   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 the Bank or its affiliates or subsidiaries may
            now or hereafter have.

      (g)   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.

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

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

      (j)   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
            between the Bank 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.

      (k)   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 the Bank

      (l)   TOP HAT AGREEMENT. For purposes of the Internal Revenue Code, the
            Bank intends this Agreement to be an unfunded, unsecured promise to
            pay on the part of the Bank. For purposes of ERISA, the Bank 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.

      [Signatures on next page]

                                       9
<PAGE>

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

                                            ATLANTIC COAST FEDERAL

                                        By: /s/ C.E. Martin, Jr.
                                            ------------------------------------
                                            Name:  C.E. Martin, Jr.
                                            Title: Chairman, Board

                                            EXECUTIVE

                                            /s/ Carl W. Insel
                                            ------------------------------------
                                            Carl W. Insel

                                       10

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