Yadkin Financial
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | VantageSouth Bancshares Inc. |
| Founded | 1968 |
| Defunct | 2017 |
| Fate | Acquired by FNB Corporation |
| Successor | FNB Corporation |
| Headquarters | Raleigh, North Carolina , United States |
Area served | North Carolina, South Carolina |
Key people | Scott Custer (CEO), Joe Towell (Executive Chairman), Adam Abram (Board member) |
| Products | Banking services |
Yadkin Financial Corporation functioned as a bank holding entity and the parent company of Yadkin Bank, a regional financial institution managing $7.3 billion in assets and operating 110 branches throughout North Carolina and South Carolina prior to its 2017 acquisition by FNB Corporation based in Pittsburgh. The bank's headquarters were located in Elkin, North Carolina.
On July 4, 2014, Yadkin Financial combined forces with VantageSouth Bancshares Inc., resulting in the formation of the largest community bank headquartered in North Carolina and ranking as the state's fourth-largest bank, with assets totaling $4 billion and deposits amounting to $3.2 billion. The corporate headquarters were situated in Raleigh, North Carolina, while banking operations were conducted from Statesville, North Carolina.
History of Yadkin Bank
Established in 1968, Yadkin Valley Bank experienced rapid growth through several acquisitions: Main Street Bankshares, Inc. ("Piedmont Bank") in June 2002; High Country Financial Corporation ("High Country Bank") in January 2004; and mortgage brokerage firm Sidus Financial LLC in October 2004. Although Piedmont and High Country continued to operate as divisions under Yadkin Valley Bank, they maintained their original brand identities; Sidus functioned as a fully owned subsidiary.
By the end of 2005, specifically December 31, Yadkin Valley Bank managed 23 full-service branches and had exceeded $1 billion in total assets.
On July 1, 2006, the organization restructured to become a holding company, adopting the name Yadkin Valley Financial Corporation.
In June 2007, Yadkin Valley expanded into the Research Triangle region by acquiring Cardinal State Bank of Durham, North Carolina, increasing its presence to 28 branches across 11 counties. Further expansion occurred with the acquisition of American Community Bank of Monroe, North Carolina in 2009.
By May 28, 2013, all previously acquired banks were consolidated under the single brand Yadkin Bank. Concurrently, the holding company was renamed Yadkin Financial Corporation. At this time, Yadkin Bank held $1.9 billion in assets and operated 36 branches. Additionally, its NASDAQ ticker symbol changed from YAVY to YDKN.
History of VantageSouth
VantageSouth was founded in 2005 in Burlington, North Carolina.
In 2009, J. Adam Abram and Steven Lerner established Piedmont Community Bank Holdings. By 2010, Piedmont had acquired a controlling interest in VantageSouth.
On October 5, 2011, Piedmont declared plans to acquire VantageSouth, which then operated two branches in Burlington with $91 million in assets and $73 million in deposits; the combined entity retained the VantageSouth name. Piedmont also owned Community Bank of Rowan based in Salisbury, North Carolina, which was merged into the organization.
On October 24, 2011, Piedmont secured a controlling stake in Crescent Financial Bancshares of Cary, North Carolina, parent company of Crescent State Bank. Abram assumed the role of Crescent chairman while Scott Custer—Piedmont president and former CEO of RBC Bank—was appointed Crescent CEO.
In August 2012, Crescent merged with VantageSouth; at that time VantageSouth operated five branches and held $260.7 million in assets as of September 30. Custer characterized VantageSouth as "one of the most profitable banks in North Carolina." On December 3, Crescent’s fifteen branches were rebranded as VantageSouth; Custer became CEO while former VantageSouth CEO Steve Jones took on the role of president.
On September 25, 2012, Crescent announced a merger with East Carolina Bank from Engelhard, North Carolina, which operated 25 branches. After this merger, VantageSouth managed a total of 45 branches throughout central and eastern North Carolina with $2 billion in assets. In January 2014, the company revealed plans to close five branches.
History of Yadkin Financial
On January 27, 2014, Yadkin Financial and VantageSouth revealed a "merger of equals," creating Yadkin Financial Corp. The new entity was based in Raleigh, with its banking operations centered in Statesville, North Carolina. Scott Custer, previously CEO of VantageSouth, assumed the role of CEO at Yadkin Financial. Joe Towell took on the position of executive chairman, and Adam Abram continued serving on the board. The merged institution managed $4 billion in assets alongside $3.2 billion in deposits.
The merger finalized on July 4, 2014, resulting in the retirement of the VantageSouth brand; all signage was updated by September of that year.
On March 1, 2016, Yadkin Financial completed the acquisition of NewBridge Bancorp for $456 million, increasing its assets to $7.3 billion and expanding its branch network to 110 locations. This deal notably enhanced Yadkin’s footprint within the Piedmont Triad, where NewBridge held a strong market position.
Soon thereafter, Yadkin agreed to be acquired by FNB Corporation of Pittsburgh for $1.4 billion. Upon closing the transaction, all Yadkin Bank branches were rebranded as First National Bank on March 11, 2017.
External links
- Yadkin Bank (redirects to First National Bank website)