Yadkin Valley Financial (YAVY) Announces Suspension of Quarterly Dividend
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Yadkin Valley Financial Corporation (NASDAQ: YAVY) announced that its Board voted to suspend payment of the Company's quarterly cash dividend. The Board will continue to evaluate the payment of a quarterly cash dividend on a quarterly basis.
"The suspension of our quarterly dividend, while disappointing, is a necessary step in preserving our capital during this prolonged period of economic uncertainty across our markets. By temporarily suspending our dividend, we estimate that we will save approximately $3.9 million in capital annually, or $968,000 per quarter," said Bill Long, President and Chief Executive Officer.
"The suspension of our quarterly dividend, while disappointing, is a necessary step in preserving our capital during this prolonged period of economic uncertainty across our markets. By temporarily suspending our dividend, we estimate that we will save approximately $3.9 million in capital annually, or $968,000 per quarter," said Bill Long, President and Chief Executive Officer.
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