SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ______)*
YADKIN VALLEY COMPANY
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(Name of Issuer)
Common Stock, $1.00 Par Value
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(Title of Class of Securities)
999-004-104
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(CUSIP Number)
David L. Ward, Jr.
William R. Lathan, Jr.
Ward and Smith, P.A.
1001 College Court
New Bern, North Carolina 28562
(252) 633-1000; Fax (252) 636-2121
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
June 29, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Secs. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Sec. 240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
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CUSIP No. 999-004-104 Page 2 of 5 Pages
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<TABLE>
<CAPTION>
<S> <C>
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hope Holding Connell
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 6,208
EACH ------ -------------------------------------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON
WITH 8,075
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9 SOLE DISPOSITIVE POWER
6,208
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10 SHARED DISPOSITIVE POWER
8,075
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,283
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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</TABLE>
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This Schedule 13D (the "Statement") constitutes the initial filing by
Hope Holding Connell, who is a beneficial owner of more than five percent (5%)
of the common stock of Yadkin Valley Company. Yadkin Valley Company recently
became subject to the reporting requirements of the Securities Exchange Act of
1934 and on April 30, 1998, filed its initial registration statement on Form
10-SB. Such registration became effective on June 29, 1998.
Item 1. Security and Issuer.
This Statement relates to the Common Stock, $1 par value per share (the
"Common Stock") of Yadkin Valley Company (the "Issuer"), whose principal
executive offices are located at 239 Fayetteville Street Mall, Raleigh, North
Carolina 27601.
Item 2. Identity and Background.
(a)-(c) This Statement is filed by Hope Holding Connell, whose business
address is Post Office Box 29550, Raleigh, North Carolina 27626, and whose
principal occupation is serving as a Senior Vice President of First-Citizens
Bank & Trust Company, a North Carolina-chartered commercial bank whose principal
executive offices are located at 3128 Smoketree Court, Raleigh, North Carolina
27604. Ms. Connell also is a Director of the Issuer and a Director and Treasurer
of its wholly-owned subsidiary, Yadkin Valley Life Insurance Company.
(d) During the last five years, Ms. Connell has not been convicted in
any criminal proceedings (excluding traffic violations or similar misdemeanors).
(e) During the last five years, Ms. Connell has not been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which she was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
(f) Ms. Connell is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
Shares of Common Stock of the Issuer purchased by Ms. Connell and/or
members of her immediate family to date were purchased with cash using personal
funds. Any shares of Common Stock of the Issuer which may be purchased by Ms.
Connell or members of her immediate family following the date of this Statement
are expected to be purchased with cash using each such individual's personal
funds.
Item 4. Purpose of Transaction.
The ownership of the Common Stock by Ms. Connell is for investment
purposes.
Ms. Connell may consider purchasing additional shares of the Issuer in
the open market or in privately negotiated transactions. Whether Ms. Connell
and/or members of her immediate family purchase any additional shares of the
Issuer's Common Stock, and the amount and timing of any such purchases, will
depend on her continuing assessment of pertinent factors, including without
limitation the following: the availability of shares for purchase at particular
price levels; the Issuer's
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business and prospects; other business and investment opportunities available to
Ms. Connell; economic conditions; stock market and money market conditions.
Depending upon her assessment of these factors from time to time, Ms. Connell
may change her present intentions as stated above, including a possible
determination to dispose of some or all of the shares she holds.
Ms. Connell has no current plans which would result in any of the
consequences listed in (a)-(j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a)-(b) Ms. Connell beneficially owns 14,283 shares of Common Stock,
constituting 7.77% of the outstanding Common Stock of the Issuer (based on
183,734 shares outstanding).
As of the date hereof, the shares listed above as beneficially owned by
Hope Holding Connell include 2,966 shares (1.61%) held by Ms. Connell on her own
behalf, 3,242 shares (1.76%) held by her in a fiduciary capacity for the benefit
of her children, 2,918 shares (1.59%) held by her spouse, 5,056 shares (2.75%)
held by her spouse in a fiduciary capacity for the benefit of their children,
and 101 shares (0.05%) held in a trust for her benefit.
Ms. Connell exercises sole voting and dispositive power as to 6,208
shares (3.38%); shared voting and dispositive power as to 101 shares (0.05%)
held in a trust for her benefit; and also may be deemed to exercise shared
voting and dispositive power as to 7,974 shares (4.34%) held of record by her
spouse on his own behalf and in a fiduciary capacity for the benefit of their
children, as to which shares she disclaims beneficial ownership.
(c) No transactions have been made by Ms. Connell or members of her
immediate family in the Common Stock during the previous sixty (60) days.
(d) With the exception of the persons and entities who are the holders
of record of the shares of Common Stock deemed to be beneficially owned by Ms.
Connell, no other person or entity is known to have the right to receive, or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the shares of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Except as described herein, there are no contracts, agreements,
arrangements or relationships (legal or otherwise) between Ms. Connell and any
other person with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
None.
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
July 6, 1998 /s/Hope Holding Connell
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Date Hope Holding Connell
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