SOURCE: Yadkin Valley Bank

Yadkin Valley Bank

June 27, 2011 17:15 ET

Yadkin Valley Financial Corporation Holds Annual Shareholders' Meeting

All Four Proposals Approved; Towell Focused on Shareholder Value

ELKIN, NC--(Marketwire - Jun 27, 2011) - Yadkin Valley Financial Corporation (NASDAQ: YAVY) held their Annual Meeting of Shareholders on Thursday, June 23, 2011 at 10:00am at the Statesville Civic Center, Statesville, NC. Of the 16,292,628 shares outstanding, 9,506,469 (58.34%) were voted in person or by proxy.

During his prepared remarks at the meeting, President and CEO Joseph Towell said, "I have confidence in our management team, our employees, our Board, and the plan that we have in place. We are working diligently on directing Yadkin Valley toward the next phase of its existence, where shareholder value and a return to profitability will be our daily focus." Towell also outlined his continuing goals for the Company which include improving asset quality, prudently managing capital, growing net interest margin, controlling expenses, and managing loan growth.

There were four proposals presented to the shareholders for a vote at the meeting. The first was to elect directors for a period of one-year terms. The 12 nominees, all current directors of the Company, were elected as follows: Nolan G. Brown, Harry M. Davis, Thomas J. Hall, James A. Harrell, Jr., Larry S. Helms, Dan W. Hill, III, James L. Poindexter, Alison J. Smith, James N. Smoak, Harry C. Spell, Joseph H. Towell, and C. Kenneth Wilcox. The Company decided not to replace three retiring members of the Board, reducing the number of directors from 15 to 12.

The second proposal was a vote to approve the Private Placement of common stock, which took place in April 2011. The transaction documents in connection with the Private Placement provided that if the Company elects to solicit, and does obtain, shareholder approval of the Private Placement, the directors and officers who purchased shares at a higher price than other investors to comply with Nasdaq Listing Rule 5635(c) will have the right to receive additional shares in such amounts as to place them on par with other investors in the Private Placement. This discount for officers and directors was approved, and therefore, those directors and officers who participated in the Private Placement will receive additional shares.

Proposals 3 and 4 were both advisory, non-binding votes. Proposal 3 was a vote on the compensation of named executive officers, and Proposal 4 was a vote on the frequency of approval of the compensation of named executive officers. Both proposals passed as stated in the Company's proxy statement.

Towell also recognized three retiring members of the Company's Board of Directors - Dr. Ralph Bentley, Morris Shambley, and J.T. Alexander. These three directors have served Yadkin Valley Financial or a predecessor bank for 14, 5, and 14 years, respectively. Dr. Bentley also served as Chairman of the Board for the last four years.

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 38 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

    Jan Hollar
    EVP/Chief Financial Officer
    Email Contact
    704.768.1161