Ocracoke's Bank Changing Hands Again

Press Release

East Carolina Bank became VantageSouth. Now VantageSouth will become Yadkin Bank. 

This press release came to the Ocracoke Current back in January, but ended up in our spam folder. Oops! Sorry for the delayed, not-very-current Current information. 

Yadkin Financial Corp. announced today the largest acquisition in company history, paying $299 million to buy a larger VantageSouth Bancshares Inc. of Raleigh.

The deal would raise the combined bank’s total assets to $4 billion, which Yadkin said would make the Elkin bank the largest community bank based in North Carolina.

The deal is expected to close by late June, pending regulatory and shareholder approval. VantageSouth shareholders will receive 0.3125 shares of Yadkin stock for each share of VantageSouth stock.

Yadkin would be the surviving financial institution from a legal perspective, even though VantageSouth shareholders would own 45.5 percent and Yadkin shareholders 45.4 percent.

Yadkin has 33 branches, mostly along the Interstate 77 corridor, but with a small presence in the Triangle. VantageSouth has 45 branches, mostly in the Triangle and eastern North Carolina.

Yadkin said it will not close any branches, but VantageSouth will close five branches. It said the targeted branches will be based on “branch profitability and market potential … and not due to market overlap of the two companies.”


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