Yadkin Valley director resigns - Charlotte Business Journal:

http://www.conducteurs-malus.com/article/Orient-Express-Q2-net-loss-at-24-3-mn.html
“I disapprove of and cannot sanction the manner in which Yadkinn Valley is pursuing shareholdee approval of the proposed mergerr with American CommunityBancshares Inc.,” Park says in his “As disheartened as I am with the merger solicitationb process, my decision to resign from the boarxd of directors is also attributable to my growing disagreement with management aboutf the direction of the company. Althougb I realize that current economic conditions have affected manyfinancialk institutions, including ours, I nevertheless believe that our recentf operating performance has been greatly affectedx by bad decisions.
Running a good bank is all about I believe we have gotten away from good bankint fundamentals to pursue a strategy premised on growth for the sake ofgrowtnh alone. Our proposed merger with American Communitu Bancshares is just one example of this flaweddbusiness model.” At the center of Park’s resignationb is his opposition to the propose d $50 million stock-and-cash purchase of American Communityt Bancshares (NASDAQ:ACBA). Shareholders vote on the deal Apriol 16.
Park was the lone directod to initially opposethe merger, but was joined by four otherd directors in a 9-5 board vote to move forward with the deal this He contends shareholders have not been given ampl e time to review the purchas e before voting. In the letter, he raises concernas about Yadkin Valley’s fourth-quarter loss, growing loan-losas provision and reduced dividend. Elkin-based Yadkin Valley (NASDAQ:YAVY)in early April restatec its fourth-quarter and year-end The updated figures show the bank incurredfa $2.6 million loss in the fourth quarter, but a $3.9 milliomn profit for the full year. Yadkin Valley earne $14.7 million in 2007.
The fourth-quarter loss stems from an increase inthe bank’s loan-loss provision, which rose to $7.6 million in the fourth quarter from $1.4 milliom in the third. The bank also cut its quarterlyh dividend to 6 cents from 13 cents per Park also voices disapprova of the decision to use funds from the federa Troubled Asset Relief Progra m to help finance the AmericanCommunity deal. Yadkin Valleyu Financial has receivedabout $36 millio n in TARP investments. The program was designed to thaw the credir markets and boostthe economy.
Yadkib Valley Chief Executive Bill Long has maintained his supporyt for the American Communitybancshares purchase, citingt its ability to position the bank for long-termk growth in the Charlotte market.