Yadkin Financial

Yadkin Financial Corporation was a bank holding company and the parent of Yadkin Bank, a defunct regional bank with $7.3 billion in assets and 110 branches in North and South Carolina, before the 2017 purchase by FNB Corporation of Pittsburgh. The bank was headquartered in Elkin, North Carolina.

On July 4, 2014, Yadkin Financial and VantageSouth Bancshares Inc. completed a merger which resulted in the largest community bank based in North Carolina, and the fourth-largest bank headquartered in the state, with $4 billion in assets and $3.2 billion in deposits. The company was headquartered in Raleigh, North Carolina, with banking operations based in Statesville, North Carolina.

History of Yadkin Bank

The original bank was opened in 1968. However, in three years Yadkin Valley Bank grew significantly by the acquisition of two other regional banks (Main Street Bankshares, Inc. in June 2002, operating as "Piedmont Bank", and High Country Financial Corporation in January 2004, operating as "High Country Bank") and a mortgage broker (Sidus Financial LLC in October 2004), as well as opening new branch locations. Piedmont Bank and High Country Bank were reorganized as divisions of Yadkin Valley Bank but maintained their names and logos. Sidus remained as a wholly owned subsidiary.

Yadkin Valley Bank and its divisions operated 23 full-service branch locations. As of December 31, 2005, the company achieved a milestone in the bank's history by reaching the US$1 billion mark in total assets for the first time.

On July 1, 2006, the company reorganized into a holding company, becoming Yadkin Valley Financial Corporation.[1]

Yadkin Valley Bank announced in June 2007 that it was buying Cardinal State Bank of Durham, North Carolina. The purchase is the bank's first entry into the Triangle market. The completion of the deal gave Yadkin Valley 28 branches in 11 North Carolina counties.[2]

Yadkin Valley Bank acquired American Community Bank of Monroe, North Carolina, in 2009.

History of VantageSouth

In 2005, VantageSouth began in Burlington, North Carolina.

In 2009, J. Adam Abram and Steven Lerner started Piedmont Community Bank Holdings.[5] In 2010, Piedmont bought a majority stake in VantageSouth.[6]

On October 5, 2011, it was announced that Piedmont would buy VantageSouth, which had two branches in Burlington, $91 million in assets and $73 million in deposits, and that the company would take the name VantageSouth. Piedmont had a controlling interest in VantageSouth and in Salisbury, North Carolina–based Community Bank of Rowan, which would also merge with the company.[7]

On October 24, 2011, Piedmont announced it would acquire a controlling interest in Cary, North Carolina–based Crescent Financial Bancshares, parent of Crescent State Bank. Abram would become Crescent chairman, and Piedmont president and former RBC Bank CEO Scott Custer would be Crescent CEO.[8]

History of Yadkin Financial

On January 27, 2014, Yadkin Financial and VantageSouth announced a "merger of equals".[5] The new company was called Yadkin Financial Corp. and was based in Raleigh. Banking operations were based in Statesville, North Carolina. VantageSouth president and CEO Scott Custer will become Yadkin Financial CEO, and Yadkin Financial's Joe Towell becomes executive chairman. VantageSouth chairman Adam Abram will remain on the board.[5] Yadkin will have $4 billion in assets, $3.2 billion in deposits,[11]

The completion of the merger happened July 4 and the VantageSouth disappeared. Signs were to be changed by September.[12][13]

On March 1, 2016, Yadkin Financial and NewBridge Bancorp completed a $456 million deal, which gave Yadkin $7.3 billion in assets and 110 branches.

External links

• Yadkin Bank (redirects to First National Bank website)