Monday, July 7, 2014

Yadkin Financial, VantageSouth complete merger

Yadkin Financial Corp. said Monday that it has completed its merger with VantageSouth Bancshares, forming North Carolina's largest community bank.

The $299 million stock deal creates a bank with about $4 billion in assets, ranking it seventh in deposits in North Carolina, behind SunTrust at No. 6.

Elkin-based Yadkin Financial Corp., parent company of Yadkin Bank, will keep its name. 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 federal data. The combined company will have 74 full-service locations in the Carolinas, according to a press release Monday.

"This is an exciting moment in Yadkin's history. Our combined franchise is well-positioned to continue providing convenience for our customers while retaining local leadership and a community bank philosophy. We believe with this merger that Yadkin's future is positioned for continued stability and growth," Joe Towell, executive chairman of Yadkin Financial Corp., said in a statement.