Shareholders Approve Yadkin Valley Financial's Merger With American Community Bancshares
17 Avril 2009 - 12:29AM
Marketwired
Shareholders of Yadkin Valley Financial Corporation (NASDAQ: YAVY)
and American Community Bancshares, Inc. (NASDAQ: ACBA) today
approved the merger of American Community Bancshares, Inc., with
and into Yadkin Valley Financial Corporation. The mergers of both
the holding companies and the subsidiary banks are expected to
close on April 17, 2009.
The combined company will have total assets of over $2.0
billion.
"We are delighted that our shareholders supported this merger,
and we look forward to completing the integration process that has
been underway since the end of last year," said Bill Long,
President and Chief Executive Officer of Yadkin Valley Financial.
"The American Community banking team aligns culturally with our
organization, and we believe the integration process will be
smooth. I am confident that the merger between our companies will
enhance shareholder value and provide long-term benefits for our
shareholders, customers, employees, and the communities we
serve."
"Our partnership with Yadkin Valley Financial will provide us
access to the capital, technology and expertise in the products and
services that we need to truly take advantage of the outstanding
opportunities in our market," said Randy Helton, President and
Chief Executive Officer of American Community Bancshares. "We have
a high degree of confidence in the Yadkin team to join our two
organizations and continue building a great North Carolina banking
franchise that will best serve employees, customers and
shareholders."
About Yadkin Valley Financial Corporation
Yadkin Valley Financial Corporation is the holding company for
Yadkin Valley Bank and Trust Company, a full service community bank
providing services in 29 branches throughout its four regions in
North Carolina. The Yadkin Valley Bank region serves Ashe, Forsyth,
Surry, Wilkes, and Yadkin Counties, and operates a loan production
office in Wilmington, NC. The Piedmont Bank region serves Iredell
and Mecklenburg Counties. The High Country Bank region serves Avery
and Watauga Counties. The Cardinal State Bank region serves Durham,
Orange, and Granville Counties. The Bank provides mortgage lending
services through its subsidiary, Sidus Financial, LLC,
headquartered in Greenville, North Carolina. Securities brokerage
services are provided by Main Street Investment Services, Inc., a
Bank subsidiary with four offices located in the branch
network.
About American Community Bancshares
American Community Bancshares, headquartered in Charlotte, NC,
is the holding company for American Community Bank. American
Community Bank is a full service community bank, headquartered in
Monroe, NC, with nine North Carolina offices located in the fast
growing Union and Mecklenburg counties and four South Carolina
offices located in York and Cherokee counties. The Bank provides a
wide assortment of traditional banking and financial services
offered with a high level of personal attention. American Community
Bancshares website is www.americancommunitybank.com. American
Community Bancshares stock is traded on the NASDAQ Capital Market
under the symbol "ACBA."
FORWARD LOOKING STATEMENTS
This filing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include but are not limited to (1) statements about
the benefits of the combination of Yadkin Valley and American
Community, including future financial and operating results, cost
savings, and enhanced revenues, (2) statements with respect to
Yadkin Valley's and American Community's plans, objectives,
expectations and intentions and other statements that are not
historical facts, and (3) other statements identified by words such
as "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "targets," and "projects," as well as similar expressions.
These statements are based upon the current beliefs and
expectations of Yadkin Valley's and American Community's management
and are subject to significant risks and uncertainties that could
cause actual results to differ materially from those anticipated in
the forward-looking statements. Such risks and uncertainties
include, without limitation: (1) expected revenue synergies and
cost savings from the combination may not be fully realized or
realized within the expected time frame; (2) revenues following the
combination may be lower than expected; (3) competitive pressures
among depository and other financial institutions may increase
significantly and have an effect on pricing, spending, third-party
relationships and revenues; (4) the strength of the United States
economy in general and the strength of the local economies in which
the combined company will conduct operations may be different than
expected resulting in, among other things, a deterioration in the
credit quality or a reduced demand for credit, including the
resultant effect on the combined company's loan portfolio and
allowance for loan losses; (5) the rate of delinquencies and
amounts of charge-offs, the level of allowance for loan loss, the
rates of loan growth, or adverse changes in asset quality in either
Yadkin Valley's or American Community's loan portfolio, which may
result in increased credit risk-related losses and expenses; (6)
changes in the U.S. legal and regulatory framework; and (7) adverse
conditions in the stock market, the public debt market and other
capital markets (including changes in interest rate conditions) and
the impact of such conditions on the combined company, (8) any
matters that could prevent or delay the closing of the planned
merger, and (9) those matters discussed in the "Risk Factors"
section of the Annual Report on Form 10-K filed by Yadkin Valley
with the SEC on March 31, 2009.
For additional information contact: Yadkin Valley Financial
Corporation: William A. Long President and CEO Edwin E. Laws CFO
(336) 526-6300 American Community Bancshares, Inc. Randy P. Helton
President and CEO Dan R. Ellis, Jr. CFO (704) 225-8444 Megan
Malanga Nvestcom Investor Relations (954) 781-4393 Email
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