Atlantic Union announces agreement to acquire American National for $39.23 p/s

Atlantic Union Bankshares (AUB) and American National Bankshares (AMNB) jointly announced that they have entered into a definitive merger agreement for Atlantic Union to acquire American National in an all-stock transaction. Combining the two organizations will strengthen Atlantic Union, the largest regional bank headquartered in Virginia, by deepening its presence in Southwest and Southside Virginia. The combined company will have total assets of $23.7B, total deposits of $19.1B and gross loans of $17.3B, based on financial data as of June 30. ..Two members of the American National board of directors, Nancy Howell Agee and Joel R. Shepherd, will join the Atlantic Union board of directors. After closing, Haley will assist in the integration of the two companies and advise on the combined bank’s regional community banking model in the legacy American National markets and serve as the bank’s representative to two Danville-based charitable trusts. Under the terms of the merger agreement, each outstanding share of American National common stock will be converted into the right to receive 1.35 shares of Atlantic Union common stock, valuing the transaction at approximately $416.8M, or $39.23 per share, based on Atlantic Union’s ten-day weighted average closing stock price ending July 24.