Cardinal State Bank has announced that its shareholders have approved its merger with Yadkin Valley Financial and Yadkin Valley Bank and Trust Company. At the shareholders meeting, approximately 97.8% of the bank's common shares that were voted were voted in favor of the merger.
John Mallard, Jr, president and CEO of Cardinal State Bank, said: We are very pleased with the support of our shareholders in our merger with Yadkin Valley. We are planning to close the transaction prior to March 31, 2008. We continue to look forward to joining forces with Yadkin Valley’s fine organization.