SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

As previously disclosed in its Current Report on Form 8-K filed on October 13, 2015, on October 12, 2015, Yadkin entered into an Agreement and Plan of Merger (the “NewBridge Merger Agreement”) with NewBridge and Navy Merger Sub Corp., a North Carolina corporation and a wholly-owned subsidiary of Yadkin (“Merger Sub”). The NewBridge Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Merger Sub will merge with and into NewBridge (the “NewBridge Merger”), with NewBridge continuing as the surviving corporation in the NewBridge Merger and as a wholly-owned subsidiary of Yadkin and (ii) immediately thereafter, NewBridge will merge with and into Yadkin (together with the NewBridge Merger, the “Integrated Mergers”), with Yadkin continuing as the surviving corporation. Immediately following the consummation of the Integrated Mergers, NewBridge’s wholly-owned subsidiary, NewBridge Bank, will merge with and into Yadkin’s wholly-owned subsidiary, Yadkin Bank (the “NewBridge Bank Merger”), with Yadkin Bank continuing as the surviving entity in the NewBridge Bank Merger. The NewBridge Merger Agreement was unanimously approved and adopted by the Board of Directors of each of Yadkin and NewBridge.

Subject to fulfillment of customary closing conditions, including obtaining required shareholder and regulatory approvals, the Integrated Mergers and NewBridge Bank Merger are expected to occur during the second quarter of 2016.

On November 3, 2015, Select Bancorp, Inc., the holding company for Select Bank & Trust, announced that it had received the necessary regulatory approvals to acquire two branches of Yadkin located in Morehead City and Leland, North Carolina. The sale of the two branches is scheduled to occur on December 11, 2015.