VantageSouth, Yadkin Financial shareholders OK merger

Shareholders of VantageSouth Bancshares and Yadkin Financial Corp. have approved merging the companies to create North Carolina's largest community bank.

Shareholders approved the deal at annual meetings last week, the companies said Monday. Regulators have granted approvals for the $299 million stock deal, which is expected to be finalized by July 4.

The merger is expected to create a bank with approximately $4 billion in assets, ranking it seventh in deposits in North Carolina, behind No. 6 SunTrust.

The companies have said Yadkin Financial Corp. shareholders will own about 45.4 percent of stock in the combined company, and VantageSouth shareholders will own about 45.5 percent. Investors in a $46.9 million private placement of VantageSouth common stock are expected to own the remaining roughly 9.1 percent.

Elkin-based Yadkin Financial Corp., the parent holding company of Yadkin Bank, will keep its name. But the merged bank holding company will be headquartered in Raleigh, where VantageSouth is based.

Yadkin Bank and VantageSouth Bank have locations in the Charlotte metropolitan area, according to the latest federal data.

For a more in-depth look at the deal, see this Observer story from January.