Yadkin Valley Financial (YAVY) in Elkin, N.C., is selling a branch to Union Bank & Trust Company in Oxford, N.C.
The $1.9 billion-asset Yadkin Valley said Thursday that the branch, located in Creedmor, N.C., belongs to its Cardinal State Bank. The company did not disclose a price for the transaction.
The companies said they expect the deal to close by July, with loans and deposits at the branch transferring to Union bank then as well. The branch's employees would become employees of the $203.3 million-asset Union Bank. The branch had $23 million in deposits at June 30, according to the Federal Deposit Insurance Corp.
"While we hate to lose our Creedmoor teammates, this transaction is consistent with the strategic geographic focus of both Yadkin Valley and Union Bank," Joe Towell, Yadkin Valley's chief executive, said in a press release.
"The Creedmoor market is right in line with our bank's footprint, and we are looking forward to building on the success of that branch," added Thomas Combs, Union Bank's chief executive.
Yadkin Valley has 34 branches in North Carolina and South Carolina. Union Bank has five branches and two loan production offices in the North Carolina.
Keefe Bruyette & Woods and the law firm of Nelson, Mullins, Riley, and Scarborough advised Yadkin Valley. Banks Street Partners and the law firm of Wyrick, Robbins, Yates, & Ponton advised Union Bank.