Yadkin Valley, American Community shareholders approve merger

By Lisa Kerner

Charlotte, N.C., April 16 - Shareholders of Yadkin Valley Financial Corp. and American Community Bancshares, Inc. approved a merger of the two companies at separate special meetings on Thursday.

The mergers of the bank holding companies and their subsidiary banks are expected to close on Friday.

As previously reported, Yadkin Valley agreed to acquire American Community in a cash-and-stock deal valued at approximately $92 million.

Under the merger agreement, American Community shareholders 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 Co. located in Elkin, N.C.

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