Yadkin Valley Financial postpones shareholder vote on merger with American Community

By Lisa Kerner

Charlotte, N.C., Feb. 23 - Yadkin Valley Financial Corp.'s board of directors unanimously agreed, with one abstention, to adjourn the special meeting of its shareholders for approximately two weeks.

The adjournment will provide Yadkin Valley with additional time to provide shareholders with updated disclosures regarding recently released year-end results by Yadkin Valley and American Community Bancshares, Inc.

Yadkin Valley's board also confirmed its recommendation that shareholders approve the company's proposed merger with American Community. The vote was nine to five, Yadkin Valley said.

American Community will hold its special meeting of shareholders to approve the merger on Thursday.

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

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.

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

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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