Yadkin Valley in N.C. Sold Reinsurance Unit in 4Q

Yadkin Valley Financial (YAVY) in Elkin, N.C., sold a reinsurance business during the fourth quarter.

The $1.9 billion-asset company disclosed in a regulatory filing late last week that it sold the business, recording a $1 million loss on the sale. The company did not disclose the name of the unit, the buyer or the actual price of the sale.

Yadkin Valley owned a company called Sidus Reinsurance, located in Greensboro, N.C., last year, according to regulatory filings.

A call to Mark DeMarcus, the company's chief operating officer, was not immediately returned.

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