Joseph H. Towell, Chairman of the Board of Yadkin Financial Corporation (YDKN), said the bank’s recently completed merger with VantageSouth Bancshares gives the combined institution a solid market capitalization of nearly $600 million (pro forma).
Towell spoke on July 29 at the KBW Community Bank Investor Conference.
“There has been high quality, very focused dialogue and key decisions have been made in putting the two companies together,” Towell said. “We’re right on track there. I don’t think there will be any surprises.”
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One of the keys to the merger’s success is the management teams coming together in the merger integration, Towell said.
The bank’s presence in Raleigh-Durham and Charlotte gives it two “bookends” to future growth, he noted. The Raleigh MSA is expected to grow 8.2%, or twice the national average over the next five years, and Charlotte’s population is expected to grow 6.3% in the same period. Charlotte is the third fastest-growing big city in the U.S., Towell pointed out.
More than half of Yadkin’s deposit base is concentrated in the top 10 MSAs in North Carolina, with 41% in Raleigh and Charlotte, Towell said.
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