Atlantic Union is Richmond’s biggest bank. (BizSense file photo)
Richmond’s biggest bank has struck its first acquisition in several years.
Downtown-based Atlantic Union Bank and its parent company announced Tuesday morning a pending deal to purchase American National Bank & Trust Co. in Danville.
The all-stock deal is valued at $416.8 million.
Upon closing as expected in the fourth quarter, AUB would absorb American National’s $3 billion in total assets, giving the combined banks $23.7 billion in total assets.
It would give AUB an expanded foothold in Southwest and Southside Virginia, where American National has been concentrated since its founding 114 years ago. Also among American National’s 26 branches are locations in North Carolina, in markets such as Winston-Salem, Greensboro and Raleigh.
The combined company will have total assets of $23.7 billion, total deposits of $19.1 billion and gross loans of $17.3 billion, based on financial data as of June 30.
Atlantic Union parent company Atlantic Union Bankshares trades on the NYSE under the symbol AUB. American National Bankshares trades on Nasdaq as AMNB.
As part of the deal, each share of American National stock will be converted into 1.35 shares of Atlantic Union stock, valuing the deal at $39.23 per share.
The deal has been approved by the boards of both companies but is still subject to shareholder and regulatory approval.
AUB is advised in the deal by investment banking firm Piper Sandler & Co. and law firm Covington & Burling. Keefe, Bruyette & Woods and Williams Mullen are advising American National.
This is breaking news. Stay tune to BizSense for more detail on the deal.
Atlantic Union is Richmond’s biggest bank. (BizSense file photo)
Richmond’s biggest bank has struck its first acquisition in several years.
Downtown-based Atlantic Union Bank and its parent company announced Tuesday morning a pending deal to purchase American National Bank & Trust Co. in Danville.
The all-stock deal is valued at $416.8 million.
Upon closing as expected in the fourth quarter, AUB would absorb American National’s $3 billion in total assets, giving the combined banks $23.7 billion in total assets.
It would give AUB an expanded foothold in Southwest and Southside Virginia, where American National has been concentrated since its founding 114 years ago. Also among American National’s 26 branches are locations in North Carolina, in markets such as Winston-Salem, Greensboro and Raleigh.
The combined company will have total assets of $23.7 billion, total deposits of $19.1 billion and gross loans of $17.3 billion, based on financial data as of June 30.
Atlantic Union parent company Atlantic Union Bankshares trades on the NYSE under the symbol AUB. American National Bankshares trades on Nasdaq as AMNB.
As part of the deal, each share of American National stock will be converted into 1.35 shares of Atlantic Union stock, valuing the deal at $39.23 per share.
The deal has been approved by the boards of both companies but is still subject to shareholder and regulatory approval.
AUB is advised in the deal by investment banking firm Piper Sandler & Co. and law firm Covington & Burling. Keefe, Bruyette & Woods and Williams Mullen are advising American National.
This is breaking news. Stay tune to BizSense for more detail on the deal.