Yadkin Valley Financial Corp. of Elkin, N.C., citing a need to preserve capital, cut its quarterly dividend by more than half, to 6 cents a share.

Bill Long, the $1.5 billion-asset company's president and chief executive, said Monday in a press release that the reduced dividend, which will be paid this quarter, "strikes the right balance between rewarding our shareholders and preserving our capital during a prolonged downturn in the economic environment."

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