A founding director of Yadkin Valley Financial Corp. in Elkin, N.C., has resigned over its pending deal to buy American Community Bancshares Inc. in Charlotte.
Daniel Park, who has been a vocal opponent of the deal, submitted his resignation last week, saying shareholders have not been given enough time to read new proxy material before voting on the matter this week.
The $1.5 billion-asset Yadkin disclosed the resignation in a Securities and Exchange Commission filing Thursday. The company said Park would have had to resign this year anyway, because of his age.
Yadkin's deal to buy the $532 million-asset American was announced in September.
Park dissented when Yadkin's directors voted on the deal, and later objected to the proxy statement shareholders received describing the board support as unanimous.
Last month the two companies postponed shareholder votes on the deal until April 16, and Yadkin agreed to send out new proxy material.
But Park complained in his resignation letter about the time crunch.
"In all probability, shareholders who own Yadkin Valley stock in street name will not receive these materials before the meeting occurs," Park wrote.
Park has said he opposes the deal because of the troubled economy.
"The economy was really bad and has gotten worse and worse and worse," he said in an interview last month. "We have had banks that bought other banks and then got into trouble."
The deal price, to be paid in cash and stock, had been $92 million initially, but has fallen along with the Yadkin's stock price.
