SOURCE: Yadkin Valley Bank

Yadkin Valley Bank

July 25, 2011 17:45 ET

Yadkin Valley Bank and Subsidiary Sidus Financial to Align Focus on Retail Mortgage Operations

F. Spencer Cosby, Jr. Announces Retirement Effective December 31, 2011

ELKIN, NC--(Marketwire - Jul 25, 2011) - Yadkin Valley Bank and Trust Company (NASDAQ: YAVY) and its wholly owned mortgage subsidiary, Sidus Financial, LLC have reorganized their mortgage function to align focus on retail mortgage production to respond to changing market demand. As of June 30, 2011, the company exited its wholesale mortgage business line from Sidus Financial.

Concurrently with this reorganization, F. Spencer Cosby, Jr., Chief Executive Officer of Sidus Financial, announced his proposed retirement and will continue serving Sidus as a senior advisor until his official retirement date of December 31, 2011. Lisa B. Rogers, Senior Vice President and Mortgage Director, will work with Cosby as all mortgage activities both under the Yadkin Valley name and under the Sidus Financial name are transitioned to her area of responsibility.

"As we continue to adapt our operating model to maximize shareholder value, we have decided to exit the wholesale mortgage business line and align our focus on retail mortgage," said Mark DeMarcus, Executive Vice President and Chief Banking Officer at Yadkin Valley. "Currently, we have a strong retail mortgage operation, led by Lisa Rogers and her team. With this move, we gain the ability to provide enhanced mortgage services to our customers that will lead to greater growth and profitability in this sector."

About Yadkin Valley Financial Corporation
Yadkin Valley Financial Corporation is the holding company for Yadkin Valley Bank and Trust Company, a full-service community bank providing services in 37 branches throughout its three regions in North Carolina and South Carolina. The Western Region (formerly Yadkin Valley Bank division and High Country Bank division) serves Avery, Watauga, Ashe, Forsyth, Surry, Wilkes, and Yadkin Counties. The Central Region (formerly Piedmont Bank division and Cardinal State Bank division) serves Durham, Orange, Granville, Iredell and Mecklenburg Counties. The Southern Region (formerly American Community Bank division and the Huntersville and Cornelius branches of the Piedmont division) serves Mecklenburg and Union Counties in North Carolina, and Cherokee and York Counties in South Carolina. The Bank provides mortgage-lending services through its subsidiary, Sidus Financial, LLC, headquartered in Greenville, NC. Securities brokerage services are provided by Main Street Investment Services, Inc., a Bank subsidiary with four offices located in the branch network. Yadkin Valley Financial Corporation's website is www.yadkinvalleybank.com. Yadkin Valley shares are traded on NASDAQ under the symbol YAVY.

Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (www.sec.gov). All subsequent written and oral forward-looking statements concerning Yadkin Valley or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact Information

  • For more information, please contact:

    Wm. Mark DeMarcus
    EVP/Chief Banking Officer
    Email Contact
    704.936.4363