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Yadkin Valley Financial
Corporation
YAVY, the holding company for Yadkin Valley
Bank & Trust, and Union Bank & Trust Company announced today the
execution of a Purchase and Assumption agreement for the purchase of
the Cardinal State Bank branch in Creedmoor, North Carolina. Cardinal
State Bank is a division of Yadkin Valley Bank & Trust.
Union Bank will purchase the branch from Yadkin Valley, with
transition activities to take place over the next 90 days. All
current branch employees will become employees of Union Bank at the
closing of the branch sale in late second quarter of this year. All
loans and deposits will transfer to Union Bank at that time as well.
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