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EX-99.1 - EX-99.1 - YADKIN FINANCIAL Corp | g25890exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 27, 2011
Yadkin Valley Financial Corporation
(Exact Name of Registrant As Specified in Its Charter)
North Carolina
(State or Other Jurisdiction of Incorporation)
000-52099 | 20-4495993 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
209 North Bridge Street, Elkin, NC | 28621 | |
(Address of Principal Executive Offices) | (Zip Code) |
(704) 768-1161
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
ITEM 2.02. Results of Operations and Financial Condition
Elkin, NC January 27, 2011 Yadkin Valley Financial Corporation (NASDAQ: YAVY), the holding
company for Yadkin Valley Bank and Trust Company, announced financial results for the fourth
quarter and full year ended December 31, 2010. Net loss available to common shareholders for the
fourth quarter of 2010 totaled $9,000, or $0.00 per diluted share. This compares to a net loss of
$2.8 million, or $0.18 per diluted share, in the third quarter of 2010, and net income of $3.2
million, or $0.20 per diluted share, in the fourth quarter of 2009.
A copy of the press release issued by Yadkin Valley Financial Corporation dated January 27, 2011
announcing financial results for the quarter ending December 31, 2010 is attached hereto.
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, North Carolina and operates a loan production
office in Wilmington, 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 Corporations website is www.yadkinvalleybank.com. Yadkin Valley shares are traded on
NASDAQ under the symbol YAVY.
Certain statements in this press release contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, such as statements concerning our future
growth, plans, objectives, expectations, performance, events and the like, as well as any other
statements that are not historical facts and are thus prospective. Such forward-looking statements
are subject to risks, uncertainties, and other factors, including, but not limited to: the
businesses of Yadkin Valley and American Community may not be integrated successfully or such
integration may take longer to accomplish than expected; disruption from the merger may make it
more difficult to maintain relationships with clients, associates, or suppliers; continued
disruption in worldwide and U.S. economic conditions; changes in the interest rate environment
which may reduce the net interest margin; a continued downturn in the economy or real estate
market; greater than expected noninterest expenses or excessive loan losses as a result of changes
in market conditions and the adverse impact on the value of the underlying collateral and other
factors which could cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. For a more detailed description of factors that could
cause or contribute to such differences, please see Yadkin Valleys and American Communitys
filings with the Securities and Exchange Commission. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, any of the assumptions could prove to be
inaccurate. These projections and statements are based on managements estimates and assumptions
with respect to future events and financial performance and are believed to be reasonable though
they are inherently uncertain and difficult to predict. Therefore, we can give no assurance that
the results contemplated in the forward-looking statements will be realized. The inclusion of this
forward-looking information should not be construed as a representation by either company or any
person that the future events, plans, or expectations contemplated by either company will be
achieved. Yadkin Valley does not intend to and assumes no responsibility for updating or revising
any forward-looking statement contained in this press release, whether as a result of new
information, future events or otherwise.
ITEM 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. | Exhibit | |
99.1
|
Earnings Press Release for the quarter ended December 31, 2010. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
YADKIN VALLEY FINANCIAL CORPORATION |
||||
Dated: January 27, 2011 | By: | /s/ Jan H. Hollar | ||
Name: | Jan H. Hollar | |||
Title: | Chief Financial Officer | |||
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EXHIBIT INDEX
Exhibit Number | Description | |
99.1
|
Earnings Press Release for the quarter ended December 31, 2010. |
4