Richmond’s biggest bank has a clear path to close its first acquisition in four years.
Atlantic Union Bank announced last week it has received approval from federal and state regulators to consummate its deal to absorb American National Bank & Trust Co., a 114-year-old institution based in Danville.
The green light from the Federal Reserve System and the Virginia State Corporation Commission follows a favorable vote from American National’s shareholders, and gives AUB all the necessary approvals needed to close the deal.
Downtown-based AUB said it expects to finalize the all-stock transaction on April 1. The deal was valued at $416 million when it was first announced in July.
American National is headquartered in Danville. (Courtesy American National)
The marriage will add American National’s $3 billion in assets and two dozen branches to AUB’s $21 billion in assets and 109 branches.
AUB was particularly interested in taking on American National’s presence in Lynchburg, Danville and Martinsville. Those were some of the only markets in Virginia where AUB had yet to stand up a sizable presence.
AUB cited American National’s operations in the Piedmont Triad of North Carolina, which includes Greensboro, Winston-Salem and High Point, as a driver of the deal. American National also has a presence in Raleigh.
The American National brand will be retired in favor of the Atlantic Union flag and the combined banks will be headquartered from AUB’s home base in James Center.
It will be AUB’s fourth acquisition in the last decade and its first since 2019, when it bought Northern Virginia’s Access National Bank. Its other deals during that span included taking on Christiansburg-based StellarOne Bank and Richmond-based Xenith Bank in 2018.
Richmond’s biggest bank has a clear path to close its first acquisition in four years.
Atlantic Union Bank announced last week it has received approval from federal and state regulators to consummate its deal to absorb American National Bank & Trust Co., a 114-year-old institution based in Danville.
The green light from the Federal Reserve System and the Virginia State Corporation Commission follows a favorable vote from American National’s shareholders, and gives AUB all the necessary approvals needed to close the deal.
Downtown-based AUB said it expects to finalize the all-stock transaction on April 1. The deal was valued at $416 million when it was first announced in July.
American National is headquartered in Danville. (Courtesy American National)
The marriage will add American National’s $3 billion in assets and two dozen branches to AUB’s $21 billion in assets and 109 branches.
AUB was particularly interested in taking on American National’s presence in Lynchburg, Danville and Martinsville. Those were some of the only markets in Virginia where AUB had yet to stand up a sizable presence.
AUB cited American National’s operations in the Piedmont Triad of North Carolina, which includes Greensboro, Winston-Salem and High Point, as a driver of the deal. American National also has a presence in Raleigh.
The American National brand will be retired in favor of the Atlantic Union flag and the combined banks will be headquartered from AUB’s home base in James Center.
It will be AUB’s fourth acquisition in the last decade and its first since 2019, when it bought Northern Virginia’s Access National Bank. Its other deals during that span included taking on Christiansburg-based StellarOne Bank and Richmond-based Xenith Bank in 2018.