(Danville) — A local bank’s merger with a larger institution is now official. The transition of American National Bank to Atlantic Union Bank officially occurred on Monday.
That meant a busy Memorial Day weekend for workers at the newly-merged institution, replacing signs and making all of the other changes needed.
The merger was unanimously approved by the board of directors of each company last year, and was ratified by federal regulators a month ago. The all-stock transaction was valued at nearly 417 million dollars. The two banks announced the deal last summer.
“American National is a high-quality community bank with an exceptional 114-year history, a strong core deposit base and outstanding asset quality,” said John C. Asbury, President and Chief Executive Officer of Atlantic Union when the merger was first announced. “This is a company and leadership team we have long admired and know well, and the relationship between our two banks spans decades. We expect that our combined footprint will bring additional convenience to our customers and position us as an even stronger competitor against the large national, super-regional and smaller community banks.”
Two members of the American National board of directors, Nancy Howell Agee and Joel R. Shepherd, joined the Atlantic Union Board of Directors.
American National had 26 branches in Virginia and North Carolina. The new Atlantic Union has 135 branches in Virginia, Maryland and North Carolina.