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EX-99.1 - EX-99.1 - YADKIN FINANCIAL Corp | g27458exv99w1.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) June 7, 2011
Yadkin Valley Financial Corporation
North Carolina
(State or other jurisdiction of incorporation)
000-52099 | 20-4495993 | |
(Commission File Number) | (IRS Employer Identification No.) |
209 North Bridge Street, Elkin, North Carolina | 28621-3404 | |
(Address of principal executive offices) | (Zip Code) |
(336) 526-6300
(Registrants telephone number, including area code)
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 (17 CFR 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 8.01 | Other Events. |
Yadkin Valley Financial Corporation (the Company) has determined to defer the payment of its
regularly scheduled quarterly interest payments in the amount of $107,330.10 due on June 15, 2011
and $80,972.74 due on June 30, 2011 with respect to the Companys outstanding trust preferred
securities. Pursuant to the indentures for the trust preferred securities, the Company can elect
to defer payment of interest for up to 20 consecutive quarterly periods. The election to defer
interest payments is not a default under any of the indentures. During a deferral period, the
Company is prohibited from paying dividends on its common stock or the Companys preferred stock
issued to the U.S. Treasury Department as part of its Capital Purchase Program (the TARP
Preferred).
The Company has also deferred the payment of its regularly scheduled quarterly cash dividends
in the amount of $616,400.00 due on May 16, 2011 on its TARP Preferred. The Company may elect to
defer dividend payments for up to five quarters without default, but the dividend is cumulative.
If the Company fails to pay dividends for six quarters, whether or not consecutive, the U.S.
Treasury Department will have the right to appoint two representatives to the Companys board of
directors.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
99.1 | Press release dated June 7, 2011. |
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 |
||||
By: | /s/ Jan H. Hollar | |||
Name: | Jan H. Hollar | |||
Title: | Chief Financial Officer | |||
Dated: June 7, 2011
EXHIBIT INDEX
Exhibit | ||||
Number | Description | |||
99.1 | Press release dated June 7, 2011. |