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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