Questions and Answers About the Merger

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Was VantageSouth sold to another bank?

A. No, but we have entered into an agreement with Yadkin Bank and announced a merger of equals. The combined bank will have a blended leadership team, board of directors and dual headquarters in Raleigh and Statesville.

Why has VantageSouth decided to merge with another bank?

A. First, we believe that by expanding our footprint we can continue to offer our clients everything they expect from a community bank with greater resources, convenience and accessibility. Secondly, scale is more important in community banking than ever before. The economic conditions, regulatory landscape, costs of technology and training require a certain amount of scale. Finally, we believe that we can create the best community bank in the Carolina’s and Virginia through strategic mergers and acquisitions along with organic growth.

When was this announcement made?

A. The announcement was made on January 27th, 2014, however the transaction is pending regulatory and shareholder approval. Until such approvals, both banks will continue to operate as two separate companies until legal close (expected Summer 2014) and conversion (expected Fall 2014).

What type of changes will I see at my bank?

A. At this time, there will be no changes related to the upcoming merger. Team members from VantageSouth and Yadkin Bank will be working together over the next several months to create an integration plan that will be focused on providing a seamless transition for our respective clients. We do not anticipate changes to things like account numbers or debit cards, but we do expect to introduce positive changes that build upon the best of our combined organizations.

Is the location where I bank closing?

A. We recently conducted a branch-by-branch review and have identified five branches that will be closing in the second quarter of this year. These locations were selected for closure due to branch profitability and market conditions impacting performance versus the announced merger plans. Clients of these locations will be notified by mail on January 28th, and we will continue to communicate with them between now and the closing date. These clients' accounts will be transferred to the nearest VSB location. We do not anticipate any closures related to the upcoming merger as there is no market overlap.

Will I be working with the same employees?

A. Yes, we anticipate those team members who work directly with our clients to remain in the markets and roles that they are in today. In the branches that are closing, we will be working individually with each team member to support their transition and anticipate the ability to redeploy some team members to other locations. Where we are unable to do so, we will be providing career transition support.

When will the merger take effect?

A. While it's too early for firm dates, we expect a shareholders vote in May, legal close in the summer and conversion in the fall.

Will VantageSouth still be involved in the community?

A. Yes, we consider it our purpose to better the lives of the people in the communities in which we serve by empowering them to achieve their financial goals. We invest in our communities in many ways and that will not change.

How is VantageSouth combining with Yadkin Bank?

A. The two banks will become one after shareholder and regulatory approval. Team members at VantageSouth and Yadkin Bank will be working together over the next several months to create an integration plan that will be focused on providing a seamless transition for our respective clients.

Can you tell me about Yadkin Bank?

A. Yadkin is a community bank headquartered in Elkin, NC. They have $1.8 billion in assets and 33 branches across 14 counties in the western and central Piedmont regions of the state, along with upstate South Carolina. They offer traditional banking services, in addition to mortgage lending and wealth management services. You can visit their website at

How large will the combined bank be after the merger?

A. The combined bank will be the largest community bank in North Carolina with over 70 offices in 56 cities in North Carolina and upstate South Carolina, approximately $4 billion in assets and $3.2 billion in deposits. A combined view of our current branches is below.

 Post-merger mapPost-merger map

Will this improve the bank's ability to service its customers?

A. Yes, not only will customers benefit from the convenience of a broader footprint, the combined bank will also have greater resources to invest in things like technology and training that create greater efficiency and improved service levels. Clients will also benefit from more robust offerings of products designed to help them achieve their financial goals.

Can I still use the Client Care Center?

A. Yes, the Client Care Center is available to assist you Monday through Friday from 8am to 7pm. We are also planning to expand our Client Care Center hours in the coming months.

Will my account number stay the same, and will I get a new ATM and/or Debit card?

A. While it’s too early to say, in recent integrations we have been able to limit account number changes to a very small number of clients (where we had duplicate numbers), and we’ve also been able to avoid the hassle of reissuing debit cards. We will make every attempt to ensure that we create a seamless experience for our combined clients and ensure they have the support and information they need along the way.

Does the merger announcement impact my current accounts in any way?

A. No, there are no changes at this time. As we move closer to integration, we will communicate any changes to our clients.

When should I expect to get more specific account information?

A. Based on our current estimated integration timeframe, customers can expect to begin receiving more specific information in the summer.

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