Wednesday, August 8, 2012

Yadkin Valley Bank evens up on TARP payments

Elkin-based Yadkin Valley Financial Corp. announced Wednesday that it has evened up with the federal government on the dividends it owed on its bailout money.

The bank, which operates American Community Bank in Charlotte, received $49 million through the TARP program, and remains one of the dwindling number of banks yet to pay it back.

Yadkin Valley hadn't made a payment since June 2011 and owed about $3 million, according to U.S. Treasury data. Regulators gave the bank approval to make the dividend payments, and it is now current.

"This is truly a sign of strength for our company and a tangible vote of confidence from our regulators," CEO Joe Towell said in a statement. "We believe this event validates our progress toward our strategic goals over the last year. We have posted four consecutive quarters of profitability ... and we are well-positioned for success going forward."