Yadkin Financial Corporation was a bank holding company and the parent of Yadkin Bank, a defunct regional bank with $7.3 billion in assets and 110 branches in
North
North is one of the four compass points or cardinal directions. It is the opposite of south and is perpendicular to east and west. ''North'' is a noun, adjective, or adverb indicating direction or geography.
Etymology
The word ''north ...
and
South Carolina
)'' Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
[ before the 2017 purchase by ]FNB Corporation
F.N.B. Corporation (NYSE: FNB) is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of September 30, 2022, FNB has total assets of nearly $4 ...
of Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsylva ...
.[ The bank was headquartered in ]Elkin, North Carolina
Elkin is a town in Surry and Wilkes counties in the U.S. state of North Carolina, along the Yadkin River. Elkin shares its name with the surrounding township of Elkin Township. The population was 4,083 at the 2020 census.
Geography
Elkin is ...
.
On July 4, 2014, Yadkin Financial and VantageSouth Bancshares Inc. completed a merger which resulted in the largest community bank based in North Carolina, and the fourth-largest bank headquartered in the state, with $4 billion in assets and $3.2 billion in deposits. The company was headquartered in Raleigh, North Carolina
Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southe ...
with banking operations based in Statesville, North Carolina
Statesville is a city in and the county seat of Iredell County, North Carolina, United States, and it is part of the Charlotte metropolitan area. Statesville was established in 1789 by an act of the North Carolina Legislature. The population was r ...
.
History of Yadkin Bank
The original bank was opened in 1968. However, in three years Yadkin Valley Bank grew significantly by the acquisition of two other regional banks (Main Street Bankshares, Inc. in June 2002, operating as "Piedmont Bank", and High Country Financial Corporation in January 2004, operating as "High Country Bank") and a mortgage broker (Sidus Financial LLC in October 2004), as well as opening new branch locations. Piedmont Bank and High Country Bank were reorganized as divisions of Yadkin Valley Bank but maintained their names and logos. Sidus remained as a wholly owned subsidiary.
Yadkin Valley Bank and its divisions operated 23 full-service branch locations. As of December 31, 2005, the company achieved a milestone in the bank's history by reaching the US$1 billion mark in total assets for the first time.
On July 1, 2006, the company reorganized into a holding company, becoming Yadkin Valley Financial Corporation.
Yadkin Valley Bank announced in June 2007 that it was buying Cardinal State Bank of Durham, North Carolina. The purchase is the bank's first entry into the Triangle
A triangle is a polygon with three edges and three vertices. It is one of the basic shapes in geometry. A triangle with vertices ''A'', ''B'', and ''C'' is denoted \triangle ABC.
In Euclidean geometry, any three points, when non- colline ...
market. The completion of the deal gave Yadkin Valley 28 branches in 11 North Carolina counties.
Yadkin Valley Bank acquired American Community Bank of Monroe, North Carolina in 2009.[
As of May 28, 2013, all of the banks Yadkin Valley had acquired would have one name, Yadkin Bank. The holding company also changed names to Yadkin Financial Corporation. With $1.9 billion in assets and 36 branches, Yadkin Valley Bank would become Yadkin Bank and its NASDAQ symbol would change from YAVY to YDKN.]
History of VantageSouth
In 2005, VantageSouth began in Burlington, North Carolina.
In 2009, J. Adam Abram and Steven Lerner started Piedmont Community Bank Holdings. In 2010, Piedmont bought a majority stake in VantageSouth.
On October 5, 2011, it was announced that Piedmont would buy VantageSouth, which had two branches in Burlington, $91 million in assets and $73 million in deposits, and that the company would take the name VantageSouth. Piedmont had a controlling interest in VantageSouth and in Salisbury, North Carolina-based Community Bank of Rowan, which would also merge with the company.
On October 24, 2011, Piedmont announced it would acquire a controlling interest in Cary, North Carolina
Cary is a town in Wake and Chatham counties in the U.S. state of North Carolina and is part of the Raleigh–Cary, NC Metropolitan Statistical Area. According to the 2020 Census, its population was 174,721, making it the seventh largest mun ...
-based Crescent Financial Bancshares, parent of Crescent State Bank. Abram would become Crescent chairman, and Piedmont president and former RBC Bank
RBC Bank is the trading name of RBC Bank (Georgia), N.A., the United States-based retail banking division of the Royal Bank of Canada (RBC) which is targeted toward Canadian snowbirds, expatriates, and frequent tourists. Despite its limited reach ...
CEO Scott Custer would be Crescent CEO.
In August 2012, Crescent announced a merger with VantageSouth,[ which had five branches and $260.7 million in assets as of September 30 and was called by Custer "one of the most profitable banks in North Carolina."][ On December 3, the fifteen Crescent branches took the VantageSouth name. Custer became CEO and VantageSouth CEO Steve Jones became president.]
On September 25, 2012, Crescent and Engelhard, North Carolina
Engelhard is a census-designated place (CDP) and fishing community in Lake Landing Township on the mainland of Hyde County, North Carolina, United States. It has access to Pamlico Sound. As of the 2010 census it had a population of 445.
Histor ...
-based East Carolina Bank, with 25 branches, announced their merger. Once the East Carolina deal was completed, VantageSouth had 45 branches in central and eastern North Carolina and $2 billion in assets. It was announced in January 2014 that five of those will close.[
]
History of Yadkin Financial
On January 27, 2014, Yadkin Financial and VantageSouth announced a "merger of equals".[ The new company was called Yadkin Financial Corp. and was based in Raleigh. Banking operations were based in ]Statesville, North Carolina
Statesville is a city in and the county seat of Iredell County, North Carolina, United States, and it is part of the Charlotte metropolitan area. Statesville was established in 1789 by an act of the North Carolina Legislature. The population was r ...
. VantageSouth president and CEO Scott Custer will become Yadkin Financial CEO, and Yadkin Financial's Joe Towell becomes executive chairman. VantageSouth chairman Adam Abram will remain on the board.[ Yadkin will have $4 billion in assets, $3.2 billion in deposits,
The completion of the merger happened July 4 and the VantageSouth disappeared. Signs were to be changed by September.
On March 1, 2016, Yadkin Financial and NewBridge Bancorp completed a $456 million deal, which gave Yadkin $7.3 billion in assets and 110 branches. Yadkin had few branches in the ]Piedmont Triad
The Piedmont Triad (or simply the Triad) is a metropolitan region in the north-central part of the U.S. state of North Carolina anchored by three cities: Greensboro, Winston-Salem, and High Point. This close group of cities lies in the Piedmon ...
, where NewBridge had most of its locations.
Even before changing the signs on NewBridge branches, Yadkin agreed to a $1.4 billion deal with FNB Corporation
F.N.B. Corporation (NYSE: FNB) is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of September 30, 2022, FNB has total assets of nearly $4 ...
of Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsylva ...
.
With the completion of the FNB deal, conversion of Yadkin Bank branches to First National Bank took place March 11, 2017.
External links
Yadkin Bank
(redirects to First National Bank website)
References
{{Authority control
Banks based in North Carolina
Surry County, North Carolina
American companies established in 1968
Banks established in 1968
Companies listed on the New York Stock Exchange
Defunct banks of the United States