Yadkin Valley Financial Corporation Holds Annual Shareholders'
Yadkin Valley Financial Corporation Holds Annual Shareholders' Meeting
All Three Proposals Approved; Bank Highlights Turnaround Story
ELKIN, NC -- (Marketwire) -- 05/22/12 -- Yadkin Valley Financial Corporation (NASDAQ: YAVY) held its Annual Meeting of Shareholders on Thursday, May 17, 2012 at 10:00am at the Statesville Civic Center in Statesville, North Carolina. Of the 19,506,175 shares of the Company's Common Stock outstanding as of the record date of March 19, 2012, 13,169,080 (67.51%) were voted in person or by proxy.
During his remarks at the meeting, President and CEO Joe Towell said, "We have executed on the goals of our strategic plan and returned the Bank to profitability. We continue to focus on profitability, stabilizing the Bank, and reducing our level of problem assets. Our work is not done, but we have made a great deal of progress."
There were three proposals presented to the shareholders for a vote at the meeting. The first was to elect directors for a period of one-year terms. The 11 nominees, all current directors of the Company, were elected as follows: Nolan G. Brown, Harry M. Davis, Thomas J. Hall, James A. Harrell, Jr., Larry S. Helms, Dan W. Hill, III, James L. Poindexter, Alison J. Smith, James N. Smoak, Harry C. Spell, and Joseph H. Towell. The Company decided not to replace a retiring member of the Board, reducing the number of directors from 12 to 11.
The second proposal was an advisory, non-binding vote on compensation of named executive officers. This proposal passed as stated in the Company's proxy statement.
Proposal 3 was a ratification of the appointment of an independent registered public accounting firm. This proposal also passed, thereby ratifying Dixon Hughes Goodman, LLP as the Company's accounting firm for the fiscal year ending December 31, 2012.
Towell also recognized a retiring member of the Company's Board of Directors, Kenneth C. Wilcox. Wilcox, a founding member of High Country Bank in Boone, has served on the Board since 1998, and has chaired the Directors' Loan Committee for almost his entire Yadkin Valley Board tenure. Towell noted Wilcox's critical thinking and valued contribution to major Company decisions.
About the Yadkin Valley Financial Family Yadkin Valley Financial Corporation is the holding company for Yadkin Valley Bank and Trust Company, a full-service community bank providing services in 34 branches throughout its two regions in North Carolina and South Carolina. The Western Region serves Avery, Watauga, Ashe, Surry, Wilkes, Yadkin, and Iredell Counties. The Southern Region serves Durham, Orange, Granville, Mecklenburg, and Union Counties in North Carolina, and Cherokee and York Counties in South Carolina. The Bank provides mortgage-lending services through its subsidiary, Sidus Financial, LLC, headquartered in Greensboro, NC. Securities brokerage services are provided by Main Street Investment Services, Inc., a Bank subsidiary with four offices located in the branch network. Yadkin Valley Financial Corporation's website is www.yadkinvalleybank.com. Yadkin Valley shares are traded on NASDAQ under the symbol YAVY.
Forward-Looking Statements Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (www.sec.gov). All subsequent written and oral forward-looking statements concerning Yadkin Valley or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
For more information, please contact:
Jill Sutphin AVP/Corporate Communications Manager firstname.lastname@example.org 704.768.1141
Jan Hollar EVP/Chief Financial Officer email@example.com 704.768.1161