Shareholders of both companies like the idea of Yadkin Valley Financial Corp. in Elkin, N.C., buying the $532 million-asset American Community Bancshares Inc. in Charlotte.
Though some Yadkin directors had tried to derail the deal, shareholders of both companies ratified it last week.
The companies did not provide breakdowns of the votes.
The voting had been postponed last month, after Daniel Park, a founding director at the $1.5 billion-asset Yadkin, raised objections to the proxy materials initially mailed to shareholders. The materials said the board unanimously supported the deal, even though Park had dissented.
In January four other Yadkin directors joined Park in dissenting, while nine others remained in favor of the deal.
Though the board agreed to mail new proxy materials, Park has since resigned as a director, saying the information would arrive too late for shareholders to review thoroughly before voting. He has said he opposes the deal because the troubled economy makes pursuing growth more risky.
The deal price, to be paid in cash and stock, had been $92 million when the deal was announced but has fallen with Yadkin's stock price.
