A North Carolina banking deal is in danger of being undone, quite unusually, from the inside out.

In September the directors of the $1.5 billion-asset Yadkin Valley Financial Corp. in Elkin voted to approve a deal to buy the $532 million-asset American Community Bancshares Inc. in Charlotte. But with market conditions worsening, one board member's effort to stop the deal is gaining support. If that effort were successful, it would be an extremely rare instance of a deal failing because of lack of shareholder approval.

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