American Community Bank sold

For the second time this year, North Carolina-based Yadkin Valley Financial Corp. has acquired another bank.

But this time, it will affect Cherokee County residents.

Yadkin Valley Financial has agreed to acquire American Community Bancshares Inc. and its American Community Bank subsidiary, which operates three branches here.

Yadkin Valley Financial reportedly will pay $92 million for the bank.

The deal, which comes on the heels of Yadkin Valley Financial's purchase of Cardinal State Bank in April, is expected to be completed by the first quarter of 2009.

Randy Helton, chief executive of American Community Bancshares, said the branches will still continue to operate as American Community Bank. Helton said no branches will be closing.

"Local customers won't see any difference at all," Helton said.

Helton said his company had been looking at deals for more than a year.

Yadkin Valley Financial Corp. has 29 branches with assets of $1.43 billion. That compares with American Community Bank with $530 million in assets and nine branches in North Carolina and four in South Carolina.

Shareholders of Charlottebased American Community Banchares will reportedly receive either $12.35 in cash or 0.8517 Yadkin Valley Financial shares for each American Community share they own.