Yadkin Valley Financial sets Feb. 26 meeting date for American Community merger vote

By Lisa Kerner

Charlotte, N.C., Jan. 13 - Yadkin Valley Financial Corp. will ask its shareholders to approve the company's merger with American Community Bancshares, Inc. at a special meeting on Feb. 26.

Record date for the meeting is the close of business on Jan. 15, Yadkin Valley said.

In September, Yadkin Valley announced it would acquire American Community Bancshares in a cash-and-stock deal valued at approximately $92 million.

Under the companies' definitive agreement, their subsidiaries - Yadkin Valley Bank and Trust Co. and American Community Bank - will also combine.

American Community shareholders will have the right to receive either $12.35 in cash or 0.8517 Yadkin Valley shares for each American Community share, subject to the limitation that 19.5% of the total consideration is to be paid in cash and 80.5% in Yadkin Valley shares, it was previously reported.

The transaction is expected to close in the beginning of the first quarter of 2009.

American Community is the parent of American Community Bank, a Charlotte, N.C.-based state-chartered bank.

Yadkin Valley is a one-bank holding company for Yadkin Valley Bank and Trust located in Elkin, N.C.

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