Exhibit 99.1

PRESS RELEASE

American Community Bancshares, Inc. Announces

Fourth Quarter and Full Year 2008 Results

Charlotte, NC – February 11, 2009 – American Community Bancshares, Inc. (NASDAQ: ACBA) today announced fourth quarter and year-end 2008 financial results:

Fourth Quarter 2008 Highlights:

• Total annualized loan growth of 6% from the third quarter of 2008

• Net interest margin of 2.76%, a decrease of 62 basis points from 3.38% in the third quarter 2008, and a decrease of 125 basis points from 4.01% in the fourth quarter of 2007

• Nonperforming loans of 1.82% of total loans, compared to 0.93% at the end of the third quarter of 2008 and 0.44% at the end of the fourth quarter of 2007

• Provision for loan losses of $2.8 million, up $1.4 million from the third quarter of 2008, and up $2.4 million from $471,000 in the fourth quarter of 2007

• Allowance for loan losses equal to 2.13% of total loans compared to 1.74% at the end of the third quarter of 2008 and 1.46% at the end of the fourth quarter of 2007

• Net loss of $934,000, or $0.14 per diluted share

Full Year 2008 Highlights:

• Well-capitalized, with Tier 1, total capital, and leverage ratios of 11.38%, 12.64%, and 9.45%, respectively

• Total loans grew 9% on a year-over-year basis, with total deposit growth of 7%

• Net loss of $2.7 million for the full year ended December 31, 2008, or $0.41 per diluted share

The fourth quarter 2008 net loss of $934,000, or $0.14 per diluted share resulted primarily from a $1.4 million increase, to $2.8 million, in the provision for loan losses compared to the third quarter of 2008. Also impacting the results was a 14% decrease in net interest income, mainly due to a decrease in the net interest margin of 62 basis points to 2.76% in the fourth quarter of 2008, compared to 3.38% in the third quarter of 2008. The decrease in the net interest margin was principally the result of the 175 basis point decrease in the Fed Funds rate during the fourth quarter of 2008, which had a more immediate impact on loan yields than on deposit costs. Fourth quarter 2008 results also included a $128,000 other than temporary impairment charge related to investments in Federal home Loan Mortgage Corporation (“Freddie Mac”) and Federal National Mortgage Association (“Fannie Mae”) preferred stock.

The Company’s net loss for the year ended December 31, 2008 was $2.7 million, or $0.41 per diluted share, compared with net income of $5.0 million, or $0.72 per diluted share for the year ended December 31, 2007. The net loss for the full year 2008 was due to several factors, including a $2.9 million other than

temporary impairment charge related to investments in Freddie Mac and Fannie Mae preferred stock, a $593,000 loss on a supplemental executive retirement plan investment also related to Freddie Mac and Fannie Mae preferred stock, a $4.0 million increase in the provision for loan losses compared to the prior year, and merger-related expenses of $472,000. Also impacting full year 2008 results was a decrease of 91 basis points in the net interest margin to 3.32% from 4.23% for the year ended December 31, 2007. The decrease in the net interest margin during 2008 was primarily due to the 400 basis point decrease in the Fed Funds rate that occurred during 2008 as well as interest income reversals on an increased level of nonaccrual loans.

Randy P. Helton, President and Chief Executive Officer commented, “Despite the current economic environment, American Community continues to have a solid business model. In the fourth quarter of 2008, we increased our loan loss reserves significantly over the first three quarters of the year in recognition of an increase in nonperforming assets during the quarter and in light of the continuing softness in the economic environment. The loan loss reserve to loans at December 31, 2008 was 2.13%, up from 1.74% as of September 30, 2008. Even during the current credit cycle our nonperforming assets as a percentage of total assets continue to outperform our peers, while our reserves as a percentage of loans are actually considerably stronger than our peers due to our conservative approach to managing asset quality.

“We believe the actions taken in the fourth quarter leave us well-positioned for our upcoming successful merger with Yadkin Valley Financial. Our capital position remains strong, and we remain well-capitalized for regulatory purposes.

“Looking forward, we see a number of opportunities for disciplined loan and deposit growth across our footprint, and look forward to the new chapter in our future with Yadkin Valley Financial. Over the past several months, we have been working diligently to ensure a smooth and successful integration of the two companies. I am most pleased that our core team of seasoned bankers remains intact and ready for business as part of the Yadkin Valley franchise. We have planned extensive employee training in early March, and expect the full systems conversion to occur in early June. Together, we will work to successfully weather the challenges ahead of us.”

FOURTH QUARTER 2008 FINANCIAL HIGHLIGHTS

The provision for loan losses increased $1.4 million to $2.8 million from $1.4 million in the third quarter of 2008. On a year-over-year basis, the loan loss provision increased $2.4 million from $471,000. The linked quarter and year-over-year increases in the loan loss provision were primarily due to the increase in nonperforming loans and net charge-offs as well as growth in the loan portfolio.

Nonperforming loans (including restructured loans of $745,000) totaled $7.8 million or 1.82% of total loans, an increase of $3.9 million compared to $3.9 million or 0.93% of total loans in the third quarter of 2008. The increase in nonperforming loans was primarily due to a $3.7 million increase in nonperforming residential construction loans to $4.0 million from $279,000 in the third quarter of 2008. A breakdown of nonperforming loans, by loan type, consisted of the following at the end of the fourth quarter of 2008, compared to the third quarter of 2008 and the fourth quarter of 2007 (in thousands of dollars):

Non-performing loans

	December 31, 2008					September 30, 2008					December 31, 2007
Loan Type	# Loans	Balance		% of Total Loans		# Loans	Balance		% of Total Loans		# Loans	Balance		% of Total Loans
1-4 Family Construction	9	$	4,005	0.94	%	2	$	279	0.07	%	—	$	—	0.00	%
Raw Land	4		241	0.06	%	2		635	0.15	%	—		—	0.00	%
Commercial Real Estate	9		914	0.22	%	6		414	0.10	%	4		262	0.07	%
Commercial & Industrial	7		303	0.07	%	6		260	0.06	%	10		341	0.09	%
Residential 1-4 Family - Permanent	8		1,373	0.32	%	7		812	0.19	%	4		557	0.14	%
HELOC	2		175	0.04	%	1		600	0.14	%	2		111	0.03	%
Personal Loans	9		186	0.04	%	5		75	0.02	%	8		106	0.03	%
Commercial Leases	10		440	0.10	%	17		835	0.20	%	5		345	0.08	%
Other	1		147	0.03	%	—		—	0.00	%	—		—	0.00	%
Total	59	$	7,784	1.82	%	46	$	3,910	0.93	%	33	$	1,722	0.44	%

Loans 30-89 days past due totaled $3.8 million in the fourth quarter of 2008, an increase of $1.7 million compared to $2.1 million in the third quarter of 2008. The increase in loans 30-89 days past due was predominantly concentrated within the residential construction portfolio.

Total loans increased to $427.5 million in the fourth quarter 2008, or 6% on an annualized basis due to increases in 1-4 family mortgages, home equity lines, and C&I loan balances. On a year-over-year basis, loans increased $34.5 million or 9% also due to higher balances in most loan categories.

Deposits of $429.4 million were essentially unchanged compared to the third quarter of 2008 mainly due to a $10.0 million decrease in brokered CDs, which was offset by a $14.3 million increase in CDs and a slight increase in interest-bearing checking balances. On a year-over-year basis, deposits increased by 7% due to increases in CD and interest checking balances. While brokered CD balances increased significantly year-over-year, they remain a relatively small part of the Company’s funding base at 8% of total deposits, up from 3% a year earlier.

American Community remains well capitalized for regulatory purposes. As of the fourth quarter of 2008, Tier 1, total capital, and leverage ratios were 11.38%, 12.64%, and 9.45%, respectively, compared to 11.74%, 12.99%, and 10.02% in the third quarter of 2008. The Company’s tangible equity as a percentage of tangible assets was 7.82%, compared to 7.78% in the third quarter of 2008.

About American Community Bancshares

American Community Bancshares, headquartered in Charlotte, NC is the holding company for American Community Bank. American Community Bank is a full service community bank, headquartered in Monroe, NC with nine North Carolina offices located in the fast growing Union and Mecklenburg counties and four South Carolina offices located in York and Cherokee counties. The Bank provides a wide assortment of traditional banking and financial services offered with a high level of personal attention. American Community Bancshares website is www.americancommunitybank.com. American Community Bancshares stock is traded on the NASDAQ Capital Market under the symbol “ACBA”.

Information in this press release contains “forward-looking statements.” These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in American Community Bancshares’s recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K and its other periodic reports.

###

For additional information contact:

Randy P. Helton, President and CEO

Dan R. Ellis, Jr., CFO

(704) 225-8444

Megan R. Malanga

Nvestcom Investor Relations

(954) 781-4393

megan.malanga@nvestcom.com

American Community Bancshares, Inc.

(Amounts in thousands except share and per share data)

(Unaudited)

Consolidated Balance Sheet

	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007 (a)
Assets
Cash and due from banks	$	13,809		$	15,968		$	16,078		$	16,126		$	14,346
Interest-earning deposits with banks		894			8,720			749			682			930
Investment securities		73,030			73,538			77,563			79,521			76,782
Loans		427,492			421,141			412,881			404,954			392,959
Allowance for loan losses		(9,124	)		(7,316	)		(6,390	)		(6,095	)		(5,740	)
Net loans		418,368			413,825			406,491			398,859			387,219
Accrued interest receivable		2,032			2,173			2,148			2,398			2,640
Bank premises and equipment		7,125			7,293			8,434			8,605			8,694
Foreclosed real estate		—			77			—			—			—
Non-marketable equity securities at cost		2,980			2,980			3,039			2,814			2,119
Goodwill		9,838			9,838			9,838			9,838			9,838
Other assets		7,603			6,433			5,510			5,308			3,027
Total assets	$	535,679		$	540,845		$	529,850		$	524,151		$	505,595
Liabilities and stockholders’ equity
Deposits
Non-interest bearing	$	48,826		$	50,693		$	52,278		$	53,439		$	54,459
Interest bearing		380,578			378,591			364,268			357,701			345,335
Total deposits		429,404			429,284			416,546			411,140			399,794
Borrowings		53,017			57,921			58,140			55,709			49,504
Accrued expenses and other liabilities		1,976			2,142			393			1,807			2,273
Total liabilities		484,397			489,347			475,079			468,656			451,571
Total stockholders’ equity		51,282			51,498			54,771			55,495			54,024
Total liabilities and stockholders’ equity	$	535,679		$	540,845		$	529,850		$	524,151		$	505,595
Ending shares outstanding		6,633,169			6,574,600			6,542,091			6,542,091			6,502,288
Book value per share	$	7.73		$	7.83		$	8.37		$	8.48		$	8.31
Average Balances:
Loans	$	415,480		$	408,037		$	407,925		$	389,144		$	379,191
Earning assets		498,598			488,193			489,032			471,071			462,078
Total assets		542,106			529,524			525,587			513,398			499,430
Interest-bearing deposits		383,515			361,391			360,784			351,699			344,619
Stockholders’ equity		51,624			53,918			55,346			55,069			53,366

(a) Derived from audited consolidated financial statements

American Community Bancshares, Inc.

Consolidated Income Statements

(Amounts in thousands except share and per share data)

(Unaudited)

	Year ended
	December 31, 2008			December 31, 2007
Total interest income	$	30,411		$	35,426
Total interest expense		14,699			16,193
Net interest income		15,712			19,233
Provision for loan losses		4,999			1,033
Net interest income after provision for loan loss		10,713			18,200
Non-interest income
Service charges on deposit accounts		2,317			2,419
Mortgage banking operations		259			326
Realized gains on sale of securities		—			20
Gain/loss on derivatives		331			214
Loss on SERP investment		(593	)		—
Other		172			412
Total non-interest income		2,486			3,391
Non-interest expense
Salaries and employee benefits		7,078			6,893
Occupancy and equipment		2,280			2,194
Other than temporary impairment of investment securities		2,881			76
Merger related expenses		472			—
Other		4,498			4,539
Total non-interest expense		17,209			13,702
Income (loss) before income taxes		(4,010	)		7,889
Provision (benefit) for income taxes		(1,353	)		2,869
Net income (loss)	$	(2,657	)	$	5,020
Net income (loss) per share
Basic	$	(0.41	)	$	0.74
Diluted	$	(0.41	)	$	0.72
Weighted average number of shares outstanding
Basic		6,555,255			6,779,635
Diluted		6,555,255			6,938,259
Return (loss) on average equity		-4.92	%		9.15	%
Return (loss) on average assets		-0.50	%		1.01	%
Net interest margin		3.32	%		4.23	%
Efficiency ratio		94.57	%		60.56	%
Allowance for loan losses to total loans		2.13	%		1.46	%
Net charge-offs to avg loans (annualized)		0.40	%		0.25	%
Nonperforming loans to total loans		1.82	%		0.44	%
Nonperforming assets to total assets		1.45	%		0.34	%

American Community Bancshares, Inc.

Consolidated Income Statements

(Amounts in thousands except share and per share data)

(Unaudited)

Three months ended	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Total interest income	$	7,082		$	7,572		$	7,569		$	8,188		$	8,737
Total interest expense		3,629			3,568			3,629			3,873			4,068
Net interest income		3,453			4,004			3,940			4,315			4,669
Provision for loan losses		2,837			1,441			296			425			471
Net interest income after provision for loan loss		616			2,563			3,644			3,890			4,198
Non-interest income
Service charges on deposit accounts		525			593			597			602			613
Mortgage banking operations		35			43			95			86			83
Realized gains on sale of securities		—			—			—			—			—
Gain/loss on derivatives		211			(4	)		(148	)		272			132
Loss on SERP investment		(106	)		(397	)		(72	)		(18	)		—
Other		(24	)		51			68			77			73
Total non-interest income		641			286			540			1,019			901
Non-interest expense
Salaries and employee benefits		1,823			1,873			1,639			1,743			1,724
Occupancy and equipment		516			566			614			584			505
Other than temporary impairment of investment securities		128			2,753			—			—			—
Merger related expenses		73			399			—			—			—
Other		1,155			1,109			1,190			1,044			1,132
Total non-interest expense		3,695			6,700			3,443			3,371			3,361
Income (loss) before income taxes		(2,438	)		(3,851	)		741			1,538			1,738
Provision (benefit) for income taxes		(1,504	)		(653	)		257			547			626
Net income (loss)	$	(934	)	$	(3,198	)	$	484		$	991		$	1,112
Net income (loss) per share
Basic	$	(0.14	)	$	(0.49	)	$	0.07		$	0.15		$	0.17
Diluted	$	(0.14	)	$	(0.49	)	$	0.07		$	0.15		$	0.17
Weighted average number of shares outstanding
Basic		6,603,816			6,561,132			6,542,091			6,513,526			6,502,288
Diluted		6,603,816			6,561,132			6,613,633			6,623,392			6,652,452
Return (loss) on average equity		-7.20	%		-23.53	%		3.46	%		7.24	%		8.26	%
Return (loss) on average assets		-0.69	%		-2.40	%		0.36	%		0.78	%		0.88	%
Net interest margin		2.76	%		3.38	%		3.23	%		3.76	%		4.01	%
Efficiency ratio		114.35	%		156.18	%		76.85	%		63.20	%		60.34	%
Allowance for loan losses to total loans		2.13	%		1.74	%		1.55	%		1.51	%		1.46	%
Net charge-offs to avg loans (annualized)		0.99	%		0.50	%		0.00	%		0.07	%		0.10	%
Nonperforming loans to total loans		1.82	%		0.93	%		0.52	%		0.60	%		0.44	%
Nonperforming assets to total assets		1.45	%		0.74	%		0.42	%		0.47	%		0.34	%