First Posted: 3/24/2009
Yadkin Valley Financial Corp, the holding company for Yadkin Valley Bank and Trust Co., announced this week a quarterly cash dividend of 6 cents per share for the first quarter of 2009.
The dividend, payable on April 24 to shareholders of record on April 3, is less than half the 13 cents per share dividend paid in the fourth quarter of 2008, and represents a yield of 3.34 percent on Yadkin Valleys closing price of $7.18 as of March 20.
While it is a reduction from the fourth quarter, the first quarter dividend is our 85th consecutive quarterly dividend, said Bill Long, president and chief executive officer for the company. We believe the reduction in our quarter cash dividend strikes the right balance between rewarding our shareholders and preserving our capital during a prolonged downturn in the economic environment.
Yadkin Valley Bank and Trust provides services through 29 branches in North Carolina, including branches in Surry, Yadkin, and Wilkes counties.