Yadkin Valley Bank and Trust
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Yadkin Valley Bank and Trust (NASDAQ: YAVY) is a regional bank operating in the northwestern and Piedmont sections of North Carolina. The bank is headquartered in Elkin, North Carolina.
The original bank was opened in 1968. However, in the last three years Yadkin Valley Bank has grown 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 remains as a wholly owned subsidiary.
Yadkin Valley Bank and its divisions operate 23 full-service branch locations and as of December 31, 2005, 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.[1]
[edit] Recent Acquisitions
Yadkin Valley Bank announced in June 2007 that it is buying Cardinal State Bank of Durham, North Carolina. The purchase is the bank's first entry into the Triangle market. If the deal is completed, Yadkin Valley will have 28 branches in 11 North Carolina counties. [2]
