Atlantic Union completes $507M purchase of American National

Richmond-based Atlantic Union Bankshares completed its acquisition Monday of Danville-based American National Bankshares, parent company of American National Bank and Trust. Based on the $35.31/share closing price Thursday of Atlantic Union common stock, the transaction value was approximately $507 million, according to Atlantic Union’s news release Monday.

The deal was announced in July 2023, and in February, the Federal Reserve’s Board of Governors approved the acquisition, allowing the deal to close Monday. Under the terms of the merger, 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 partial shares.

Also, former American National board members Nancy Howell Agee and Joel R. Shepherd have been appointed to the boards of Atlantic Union Bankshares and Atlantic Union Bank.

“We are excited to have the American National team officially join Atlantic Union Bank,” John C. Asbury, president and CEO of Atlantic Union, said in a statement. “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.”

According to Monday’s announcement, the combined bank has $24.3 billion in total assets, $19.4 billion in deposits and $17.9 billion in total loans, based on unadjusted records from Dec. 31, 2023.

Asbury said in February that he expected to close seven branches total, including American National’s office in Christiansburg, which is within line of sight of Atlantic Union’s branch. In Rocky Mount, Atlantic Union’s downtown branch office will close, but the combined bank will keep American National’s Rocky Mount branch open because it is more active. A drive-through teller office at the shuttered downtown location will stay open, Asbury said. Other branches that are being consolidated are in West Salem, Cave Spring, Lynchburg, Danville and Greensboro, North Carolina.

As of Monday, Atlantic Union has 135 branches and approximately 150 ATMs throughout Virginia and parts of Maryland and North Carolina.