ROANOKE, VIRGINIA: Valley Financial Corporation earned record net income available to common shareholders of $6,599,000 and $1.35 per diluted share. This is compared to $6,201,000 and $1.26 during 2013, increases of 6% and 7% respectively. Return on average total assets (“ROA”) was 0.77% and return on average shareholder’s equity (“ROE”) was 11.54% as compared to 0.86% and 11.06% respectively, for 2013.
The firm entered into a definitive agreement during the fourth quarter pursuant to which BNC Bancorp (“BNC”) will acquire all of the Company’s common stock in a stock transaction valued at approximately $101.3 million, based on the closing price of BNC common stock on November 14, 2014.
President and CEO Ellis L. Gutshall stated, “We are pleased to join forces with BNC Bancorp to provide enhanced and long-term value to our customers and communities. Our combination with BNC, with combined total assets of approximately $5.0 billion, will provide greater capital resources and operational scale that we believe will allow us to grow more rapidly and capture additional market share. In addition, BNC’s track record for creating and growing shareholder value will be a major plus for the Valley shareholder base. The transaction is expected to close in the third quarter of 2015.”
