The Firm is representing an affiliated investment fund of Lightyear Capital LLC, as a shareholder of Piedmont Community Bank Holdings Inc. (“Piedmont”), in connection with an agreement by Piedmont and VantageSouth Bancshares, Inc. (“VSB”) to merge with Yadkin Financial Corporation (“Yadkin”). Under the terms of the merger agreement, VSB shareholders will receive 0.3125 shares of Yadkin common stock per share of VSB common stock. Piedmont shareholders will receive (i) cash per share to be determined based on the value of Piedmont’s deferred tax asset and (ii) 6.28597 shares of Yadkin common stock per share of Piedmont common stock.
The merger, which is subject to the receipt of customary shareholder and regulatory approvals, will result in Yadkin being the largest community bank in North Carolina.
The Simpson Thacher team includes Caroline Gottschalk, Mark Chorazak and Ben Heriaud (M&A); Jonathan Goldstein and Jodi Sackel (Tax); and David Rubinsky (Executive Compensation and Employee Benefits).
