Yadkin Financial Corporation (NASDAQ: YDKN) and VantageSouth Bancshares, Inc. (NYSE: VSB) have announced that they have entered into an agreement for a transformational merger-of-equals of their two companies as well as their subsidiary banks, Yadkin Bank and VantageSouth Bank, pending regulatory and shareholder approval.
What does this mean to you? See below for a list of Frequently Asked Questions!
No, but we have entered into an agreement with VantageSouth for a merger-of-equals transaction. The combined company will operate with a blended leadership team and board, and dual headquarters in Raleigh and Statesville.
The name of the combined holding company will be Yadkin Financial Corporation. The name of the combined bank will be announced at a later date.
Upon close of the transaction, VantageSouth Bancshares, Inc. will merge into Yadkin Financial Corporation. The holding company will be headquartered in Raleigh, NC and the Bank will be headquartered in Statesville, NC.
VantageSouth is a community bank headquartered in Raleigh, NC. They have $2.0 billion in assets and 46 banking centers from the central Piedmont to the coast of North Carolina. They offer traditional banking services including a robust business suite of services as well as mortgage services. You can visit their website at www.vantagesouth.com.
The combined company will have approximately $4.0 billion in assets and more than 70 branches across the state of North Carolina and upstate South Carolina, creating the largest community banking organization headquartered in North Carolina - a true "mountains to the sea" franchise.
A combined view of our current branches is below, (click to view enlarge):
The combined company will have $2.8 billion in loans, and $3.2 billion in deposits, with significant market share in 3 of the 5 largest metro areas in the state, including Raleigh-Durham, Charlotte, and Wilmington.
Both companies are committed to maintaining their community banking values, and customer service is at the top of that list. To ensure a smooth transition, customers can expect to receive communication over the coming months letting them know exactly what will be happening and when. Most importantly, customers will continue to see the bankers they know at their local branches.
At this time, you will not see any changes to your accounts and you should continue your normal course of business. Over the next few months, we will be working diligently to create a seamless transition and will continue to keep our combined customers informed of any changes that may take place with their accounts.
Yadkin will not be closing any branches as a result of this transaction. However, VSB has determined that they will close 5 branches in their footprint due to branch profitability and market potential. They are doing this in the normal course of business and not due to market overlap of the two companies.
At Yadkin Bank, we are excited about the opportunities that await us as we work through transition, integration, and becoming the premier community banking organization in the Carolinas. For more details, please feel free to contact your local bank representative.