Yadkin Valley Financial (YAVY) in Elkin, N.C., sold a reinsurance business during the fourth quarter.
The $1.9 billion-asset company disclosed in a regulatory filing late last week that it sold the business, recording a $1 million loss on the sale. The company did not disclose the name of the unit, the buyer or the actual price of the sale.
Yadkin Valley owned a company called Sidus Reinsurance, located in Greensboro, N.C., last year, according to regulatory filings.
A call to Mark DeMarcus, the company's chief operating officer, was not immediately returned.
