(Tribune, The (Elkin, NC) Via Acquire Media NewsEdge) June 19--Yadkin Financial Corp. agreed last Thursday to purchase Raleigh-based VantageSouth Bancshares Inc.
The meeting was held in the Liberty in downtown Elkin, the town that originally housed the first Yadkin Valley Bank and Trust Co.
Yadkin's directors and management celebrated the bank's new era as the largest community bank in North Carolina. VantageSouth Bancshares, Inc. and Yadkin Financial Corporation jointly announced in January that they have entered into a definitive merger agreement with about $4 billion in assets and 77 branches.
"This transaction should result in a more stable bank for our customers," Chief Executive Joe Towell said. Towell led Yadkin the past four years and will become the executive chairman post-merger.
Scott Custer, Vantage's CEO, will be the chief executive for the merged bank.
Last Thursday, the chief operating officer for Yadkin Bank, William Marc DeMarcus, said jobs in Elkin are safe and there are no plans to bolt from Elkin with the merger.
Like Yadkin Financial Corporation has in Elkin, VantageSouth Bancshares, Inc. has a bank operations center and IT department in Cary. The merger fueled anxiety of some Elkin-based employees who said the bank was coordinating a consolidation plan to shift jobs east.
However, the alleged plan was dispelled in an interview with a top Yadkin Bank executive.
"There is no way we're leaving Elkin," said DeMarcus. As COO, DeMarcus oversees operations and information technology, along with corporate other affairs.
"I can tell you relative to our operations center and our IT department that Elkin will remain our hub. That has not changed in any way shape or form. We are in the midst of determining functions within every role of the organization, but with that said, we clearly have no intention at this time of moving out of Elkin or taking jobs away from Elkin," said DeMarcus.
He said the roots of the bank started in Elkin and the bank was proud of its history. He added that the company does have to change some form of its landscape in order to be a leading competitor in the banking industry.
"I am not saying that job roles may not shift or there couldn't be a change in a particular position. Even my position in banking has changed over the years. However, I am absolutely saying we are staying in Elkin from an operations and IT perspective," said DeMarcus. "We said this from day one in the merger. We have a great operations and IT team. As a whole, there is far more growth potential in Elkin compared to loss."
DeMarcus said Yadkin Bank employs near 80 jobs in Elkin.
DeMarcus became known to Elkin in the former Yadkin Valley Bank merger with American Community Bank in 2009; he joined American Community in 2008 serving a variety of roles.
Anthony Gonzalez may be reached at 336-835-1513 or on Twitter @newsgonz.
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