Atlantic Union has 109 branches and keeps its headquarters in downtown Richmond. (BizSense file)
The closing of a roughly half-billion-dollar deal has wrapped up the first acquisition in four years for Richmond’s biggest bank.
Atlantic Union Bank announced Monday it had completed its acquisition of American National Bank & Trust Co., a 114-year-old institution based in Danville.
The previously announced deal, which became effective Monday, closed with an aggregate transaction value of $507 million, based on AUB’s roughly $35 closing stock price on March 28. The all-stock transaction was valued at $416 million when it was first announced last July.
American National shareholders will receive 1.35 shares of AUB common stock in exchange for each share of American National common stock, with cash paid in lieu of fractional shares, according to Monday’s announcement.
Danville-based American National dated back more than a century. (BizSense file)
Atlantic Union received approval in February from federal and state regulators to consummate the deal, which adds American National’s $3 billion in assets and two dozen branches to AUB’s $21 billion in assets and 109 branches.
The marriage gives AUB more of a presence in Danville, Lynchburg and Martinsville, in particular. AUB had 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.
The American National brand is being retired in favor of the Atlantic Union flag, with the combined banks headquartered from AUB’s home base in James Center.
The acquisition is AUB’s fourth 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.
Atlantic Union has 109 branches and keeps its headquarters in downtown Richmond. (BizSense file)
The closing of a roughly half-billion-dollar deal has wrapped up the first acquisition in four years for Richmond’s biggest bank.
Atlantic Union Bank announced Monday it had completed its acquisition of American National Bank & Trust Co., a 114-year-old institution based in Danville.
The previously announced deal, which became effective Monday, closed with an aggregate transaction value of $507 million, based on AUB’s roughly $35 closing stock price on March 28. The all-stock transaction was valued at $416 million when it was first announced last July.
American National shareholders will receive 1.35 shares of AUB common stock in exchange for each share of American National common stock, with cash paid in lieu of fractional shares, according to Monday’s announcement.
Danville-based American National dated back more than a century. (BizSense file)
Atlantic Union received approval in February from federal and state regulators to consummate the deal, which adds American National’s $3 billion in assets and two dozen branches to AUB’s $21 billion in assets and 109 branches.
The marriage gives AUB more of a presence in Danville, Lynchburg and Martinsville, in particular. AUB had 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.
The American National brand is being retired in favor of the Atlantic Union flag, with the combined banks headquartered from AUB’s home base in James Center.
The acquisition is AUB’s fourth 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.
They sure have grown from when they were the First Market Bank located inside Ukrops supermarkets.