Thursday, April 25, 2013

American Community Bank getting new name: Yadkin Bank

American Community Bank in Charlotte and its four sister banks will all take on a new name next month: Yadkin Bank.

Their parent company, Yadkin Valley Financial Corp., announced the re-branding as part of its first quarter earnings results Thursday morning. The company earned $4.2 million in the quarter, up 55 percent from the same time period last year.

The bank took a $25.3 million loss in the fourth quarter as it wrote off millions in bad loans. It auctioned off about 170 properties in North and South Carolina earlier this year as a part of that. That process is now done, Yadkin said Thursday, and it booked a $1.1 million gain on sale.

"We believe that we are getting back to the basics of banking and providing superior financial solutions and
service to our customers throughout the Carolinas," CEO Joe Towell said in a statement

The company's banks had already been run under one operating system and one charter, as divisions of Yadkin Valley Bank.

"We believe that now is the time to harness the synergy of our organization by bringing the values of our company together under one strong brand," Towell said in the statement. The parent company's name will also change to Yadkin Financial Corporation.

The move is similar to the one afoot at Uwharrie Capital Corp., which runs community banks in Cabarrus, Anson and Stanly counties. Each had had a name referring to its geography (i.e. Cabarrus Bank and Trust). Uwharrie is now working with marketing agencies to come up with one brand name for them all. One difference: Those banks had been operated independently, and will have to be combined.


Anonymous said...

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