Cardinal State Bank Is Sold for $42M to N.C. Financial Firm

Posted June 15, 2007

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— Cardinal State Bank is being sold to a North Carolina firm in a deal worth almost $42 million.

Yadkin Valley Financial Corporation, which is based in Elkin, said on Friday that it had agreed to buy Cardinal in a deal worth $17.62 per share.

Cardinal’s operation will be merged with Yadkin’s Yadkin Valley Bank and Trust subsidiary.

Both companies are publicly traded on the NASDAQ, Yadkin under the symbol YAVY and Cardinal under CSNC.

Cardinal stockholders have a choice of taking cash or exchanging their shares with Yadkin stock.

The deal is expected to close in the fourth quarter.

Cardinal, which was launched in Durham in 2001, operates three offices in Durham County and another in Orange County. It has assets of $193 million.

“Our partnership with Yadkin Valley Financial will provide us access to the capital, technology and expertise in the products and services that we need to truly take advantage of the extraordinary opportunities in our extraordinary market,” said John Mallard, Cardinal’s chief executive officer.

Following the merger, Yadkin will have 28 branches with assets of some $1.4 billion.

Mallard will serve as regional president in charge of the Cardinal State Bank Division.

Yadkin has acquired two other North Carolina based banks since 2002, Piedmont Bank in Statesville in 2002 and High Country Bank in Boone in 2004.


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