Yadkin Valley Financial (YAVY) in Elkin, N.C., is seeking shareholder approval for a three-to-one reverse stock split.
The share split is intended to make Yadkin's stock more appealing to institutional investors, who are often prohibited from investing in low-priced shares, the company
The news was
The split would reduce the number of shares authorized to be issued to 33.3 million from the current 100 million. Of that total, 43.1 million are issued and outstanding. Yadkin's shares closed Monday at $4 apiece, up 1%.
Shareholders are expected at the annual meeting to elect directors, approve a stock awards program and ratify the appointment of the accounting firm Dixon Hughes Goodman.
The $1.9 billion-asset Yadkin has