First Posted: 3/4/2009
ELKIN Yadkin Valley Financial Corporation announced recently it is restating some of its 2008 fourth quarter results, specifically recording a greater loan loss provision for the fourth quarter than it had reported on Feb. 13.
In addition the firm, which is the holding company for Yadkin Valley Bank, said it will make adjustments to the income and expenses that were reported as of Dec. 31, and these adjustments will decrease revenue before income taxes by $2.5 million to $2.9 million.
This revision only relates to the fourth quarter and annual results for 2008 and is not expected to affect any financial statements previously filed by Yadkin Valley with the SEC for any period, and Yadkin Valleys reports as filed may continue to be relied upon, the company said in a written statement.
In addition, both Yadkin Valley and American Community Bank said that Americans board of directors voted to adjourn its special meeting of shareholders, in which those shareholders were set to vote on a proposed merger between the two bank holding companies.
That followed a similar vote by Yadkin Valley board members, after opposition to the merger cropped up at the Yadkin Valley board meeting.
The two banking companies say they plan to mail supplemental proxy materials to their shareholders to reflect updates in the year-end financial statements, as well as setting a time and date for reconvened meetings.