Monday, December 30, 2013

Yadkin Bank director resigns after disagreement with management

Long-time Yadkin Financial Corp. director James N. Smoak is leaving the bank's board after a disagreement with bank management over their growth strategy, according to a securities filing. Smoak had been on the Elkin-based bank's board since 1987, and served as CEO of the bank from 1997 until retiring in 2002.

After several years of struggling, including layoffs, branch closings and a capital raise to swallow a major asset write-down, Yadkin Financial executives said over the summer that the bank plans to double loan production.

Yadkin Bank CEO Joe Towell declined to comment. Smoak did not return a phone call seeking comment.

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