BRIEF: Yadkin Valley Financial suspends dividend payment

Mon. September 21, 2009; Posted: 05:13 PM

Sep 21, 2009 (Winston-Salem Journal - McClatchy-Tribune Information Services via COMTEX) -- YAVY | Quote | Chart | News | PowerRating -- Yadkin Valley Financial Corp. has become the latest local community bank to suspend its dividend payment to preserve capital.

The decision by the bank's board of directors, announced today, ended a streak of paying a quarterly dividend for 86 consecutive quarters. It paid a 6-cent dividend in the second quarter.

"The suspension of our quarterly dividend, while disappointing, is a necessary step in preserving our capital during this prolonged period of economic uncertainty across our markets," said Bill Long, the president and chief executive of the bank.

"By temporarily suspending our dividend, we estimate that we will save approximately $3.9 million in capital annually, or $968,000 per quarter."

The other local banks that have suspended their dividend are Bank of the Carolinas Corp., Bank of Granite Corp., NewBridge Bancorp and Southern Community Financial Corp.

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