More than just signs changed over the weekend as Yadkin Bank and its clients experienced the conversion to First National Bank.
Based in Pittsburgh, Pennsylvania, FNB officially completed its merger with Yadkin Financial Corporation on March 11. According to information released by FNB because of the merger, FNB now operates in eight states and has nearly $30 billion in total assets and more than 400 locations including 100 new locations throughout North Carolina and parts of South Carolina.
“The transformational merger with Yadkin establishes FNB as a leading regional franchise that now extends throughout the Mid-Atlantic and into the Southeastern U.S.,” said Vincent J. Delie Jr., president and chief executive officer for F.N.B. Corporation. “We are excited to welcome our new customers in North and South Carolina and to introduce them to innovation, world-class products and our strong commitment to the communities we serve.”
One of those communities is the Yadkin Valley where nearly 150 jobs were displaced, according to Jerry Renuart, previous facility manager for Yadkin Bank who has transitioned to FNB. “[The merger] has affected Elkin more than anywhere else.”
Employees have known for six months when the transition would take place and were offered severance pay and retention bonuses. Some employees will be able to apply for positions with FNB, but Renuart said there are not many available and he expects to have to close out other buildings though he doesn’t know when.
“In this business, it’s what happens,” claimed Renuart, who has been through five previous mergers. “[FNB has] been very nice, very compassionate, but they have to take care of business.
“The transition took about 30 days less than they usually do,” stated Renuart. “It went fairly smooth. FNB has been very good to work with.”
FNB sent a letter to bank clients explaining the transition. “When the conversion is complete, you will continue to experience decisions made by experienced professionals who live and work in your communities,” claimed Delie in the letter.
It also states clients will have, “a comprehensive range of financial products and services. This includes a suite of online and mobile banking tools at the leading edge of innovation in our industry, such as CardGuard mobile debit card controls, Touch ID, instant balances, online and mobile Popmoney person-to-person payments, remote deposit capture capabilities for consumers and businesses and many other features.”
It is yet unknown if these features for individuals will be enough to make up for the loss of the Yadkin Bank operations facility to the town of Elkin.
Yadkin Bank was established in 1968 as Yadkin Valley Bank and Trust. Beginning in 2002, the bank began acquiring other financial institutes, including Piedmont Bank, High Country Bank, Cardinal State Bank and American Community Bank.
In 2013, the bank name was changed to Yadkin Bank, and it made one more acquisition, of VantageSouth Bank. In 2014, its headquarters were moved from Elkin to Statesville, and then in 2016, it acquired NewBridge Bank in Greensboro.
Beanie Taylor can be reached at 336-258-4058 or on Twitter @TBeanieTaylor.