(Danville) — One of Danville’s most iconic local businesses now has new owners and a new name.
Richmond-based Atlantic Union Bank Monday announced they had completed their acquisition of American National Bank. The all-stock transaction is valued at nearly 417 million dollars. The two banks announced the deal last summer.
American National will operate under the Atlantic Union Bank name and brand. Before the deal, Atlantic Union had 109 branches and 125 ATMs in Virginia, Maryland and North Carolina. American National had 26 branches in Virginia and North Carolina.
As part of the agreement, American National shareholders will get 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.”
The merger was unanimously approved by the board of directors of each bank last year.
Also as part of the agreement, Nancy Howell Agee and Joel R. Shepherd have been appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank.
Former American National Chairman Jeff Haley will help 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.