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Atlantic Union Bankshares Completes Acquisition of American National Bankshares

April 03, 2024, 07:00 AM
Filed Under: Mergers & Acquisitions

Atlantic Union Bankshares Corporation (Atlantic Union) announced it has completed its previously announced merger with American National Bankshares Inc. (American National), effective April 1. This transaction strengthens Atlantic Union’s presence in Central, Western and Southern Virginia and provides a meaningful entry into North Carolina’s Piedmont Triad region and Raleigh.

Under the terms of the merger agreement, American National shareholders will receive 1.35 shares of Atlantic Union common stock in exchange for each share of American National common stock, with cash paid in lieu of fractional shares. Based on the closing price of Atlantic Union common stock of $35.31 on Thursday, March 28, 2024, the aggregate transaction value was approximately $507 million.

“We are excited to have the American National team officially join Atlantic Union Bank,” said John C. Asbury, President and CEO of Atlantic Union. “Together, our banks have more than 200 years of experience serving the needs of local communities throughout the mid-Atlantic region. We look forward to bringing new products and services to American National’s clients, and we believe this transaction will help enable us to deliver sustainable long-term shareholder value.”

In accordance with the merger agreement, Nancy Howell Agee and Joel R. Shepherd have been appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank.

Subsequent to the closing, on a pro forma basis as of December 31, 2023 before merger-related adjustments, Atlantic Union had $24.3 billion in total assets, $19.4 billion in total deposits and $17.9 billion in total loans held for investment. American National’s subsidiary bank, American National Bank and Trust Company, was merged into Atlantic Union Bank, effective April 1, 2024.

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