VantageSouth Bancshares Inc. and Yadkin Financial Corporation announced recently that they have entered into a definitive merger agreement. The combination will create the largest community bank headquartered in North Carolina with approximately $4 billion in assets and significant distribution and scale across the state.

New York Partners Ken Henderson, Tara Newell and Alan Solarz and Associates Aaron Lang, Hayley Cohen and Greg Galvin advised the majority VantageSouth shareholder in this transaction. Atlanta Partner Rob Klingler and Associate Mike Shumaker also assisted in this transaction.

The merger is expected to generate approximately $10 million in fully phased-in annual cost savings or approximately 8 percent of the expected combined expense total. In conjunction with the merger, VantageSouth also announced the execution of securities purchase agreements for a $46.9 million private placement of its common stock to new and existing investors, including certain members of the VantageSouth Board of Directors and their affiliates.

The transaction has been unanimously approved by the boards of both companies and is expected to close late in the second quarter of 2014. At that point, the name of the holding company will be Yadkin Financial Corporation.

Transactional matters are a core practice of Bryan Cave. The firm is ranked among the top 10 legal advisers for M&A work involving a U.S. target and regularly handles the following types of projects for clients: mergers and other acquisitions and dispositions of businesses and related assets, on either a friendly or negotiated basis or in “hostile” transactions; tender offers, proxy contests and similar transactions; takeover and antitakeover planning; joint ventures and other methods of combining business operations; and spin-offs, split-offs and other methods of restructuring the ownership of business operations.

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