Wednesday, July 31, 2013

Yadkin Financial plans to double loan production

Coming out of several years of pain, Yadkin Financial Corp. executives told investors Wednesday that they want to double loan production from what it was in 2011.

According to a presentation filed with the Securities and Exchange Commission, the Elkin-based bank projects loan production of $490 million this year. That's more than 50 percent over last year's total of $298 million and double the 2011 total of $233 million.

The largest growth -- about $90 million worth -- is expected to come from owner-occupied commercial real estate.

It's quite a change for a bank that closed branches, laid off a quarter of its workforce and raised capital to write off millions in bad loans over the past few years.

The growth drive also coincides with a name change. Yadkin Financial dropped the "Valley" that used to stand in the middle of its name.