Shareholders Approve Yadkin Valley Financial's (YAVY) Merger With American Community Bancshares (ACBA)
Shareholders of Yadkin Valley Financial Corporation (NASDAQ: YAVY) and American Community Bancshares, Inc. (NASDAQ: ACBA) 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."
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