Cardinal State Bank Reports Shareholder Merger Approval
20 März 2008 - 1:00PM
PR Newswire (US)
DURHAM, N.C., March 20 /PRNewswire-FirstCall/ -- Cardinal State
Bank (NASDAQ:CSNC), a North Carolina state chartered bank
headquartered in Durham, North Carolina, announced that the Bank's
shareholders have overwhelmingly approved its merger with Yadkin
Valley Financial Corporation and Yadkin Valley Bank and Trust
Company. At a special meeting of shareholders held on March 19,
2008, approximately 97.8% of the Bank's common shares that were
voted were voted in favor of the merger. "We are very pleased with
the support of our shareholders in our merger with Yadkin Valley,"
said John W. Mallard, Jr., President and CEO of Cardinal State
Bank. "We are planning to close the transaction prior to March 31,
2008. We continue to look forward to joining forces with Yadkin
Valley's fine organization." Cardinal State Bank is a full-service
community bank. Founded in 2001, the Bank has three offices in
Durham: Homestead Market, Independence Park and Westgate Drive and
one office in Hillsborough at 100 S. Churton Street. Plans call to
open a branch in Creedmoor at 405 N. Main Street in April 2008.
This news release may contain, among other things, certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, (i) statements regarding certain of Cardinal State
Bank's goals and expectations with respect to earnings, earnings
per share, revenue, expenses and the growth rate in such items, as
well as other measures of economic performance, including
statements relating to estimates of credit quality trends, and (ii)
statements preceded by, followed by or that include the words
"may", "could", "should", "would", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "projects", "outlook" or
similar expressions. These statements are based upon the current
beliefs and expectations of Cardinal State Bank's management and
are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond Cardinal State Bank's control).
DATASOURCE: Cardinal State Bank CONTACT: John W. Mallard, Jr.,
President and Chief Executive Officer, Cardinal State Bank,
+1-919-403-2833 or
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