Yadkin Valley Financial Corporation Holds Annual Shareholders'
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.
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:
AVP/Corporate Communications Manager
EVP/Chief Financial Officer
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