American Community, Yadkin Valley delay merger vote

By Lisa Kerner

Charlotte, N.C., Feb. 27 - The boards of directors of American Community Bancshares, Inc. and Yadkin Valley Financial Corp. unanimously agreed to adjourn their separate Feb. 26 special meetings in order to provide their respective shareholders with supplemental proxy materials.

The materials will include a description of American Community's and Yadkin Valley's 2008 year-end results as well as information regarding when the meetings will be reconvened.

The record date for both meetings remains Jan. 15, the companies said in a joint news release.

Shareholders of Yadkin Valley and American Community will be asked to approve a merger in which Yadkin Valley will acquire American Community in a cash-and-stock deal valued at approximately $92 million.

Under the companies' definitive agreement, their subsidiaries - Yadkin Valley Bank and Trust Co. and American Community Bank - will also combine.

As previously reported, American Community shareholders will have the right to receive either $12.35 in cash or 0.8517 Yadkin Valley shares for each American Community share, subject to the limitation that 19.5% of the total consideration is to be paid in cash and 80.5% in Yadkin Valley shares.

American Community is the parent of American Community Bank, a Charlotte, N.C.-based state-chartered bank.

Yadkin Valley is a one-bank holding company for Yadkin Valley Bank and Trust located in Elkin, N.C.

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