Yadkin Valley, American Community to hold special meetings April 16

By Lisa Kerner

Charlotte, N.C., April 1 - Yadkin Valley Financial Corp. and American Community Bancshares, Inc. will reconvene their respective special meetings of shareholders on April 16 to vote on their proposed merger, according to a form 424B3 filed with the Securities and Exchange Commission.

American Community will hold its meeting at 10 a.m. ET in Monroe, N.C.

Yadkin Valley will hold its meeting in Jonesville, N.C., at 3 p.m. ET.

Both companies' boards of directors continue to recommend the merger, the filing said.

As previously reported, American Community and Yadkin Valley agreed to adjourn their separate Feb. 26 special meetings in order to provide their respective shareholders with supplemental proxy materials, including descriptions of the companies' 2008 year-end results.

Shareholders of Yadkin Valley and American Community will be asked to approve a merger in which Yadkin Valley will acquire American Community in a cash-and-stock deal valued at approximately $92 million.

Subsidiaries Yadkin Valley Bank and Trust Co. and American Community Bank will also combine.

Under the merger agreement, 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.

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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