July 25, 20230
Atlantic Union is Richmond’s largest bank. (BizSense file photo)
Richmond’s largest bank has made its first acquisition in several years.
Downtown-based Atlantic Union Bank and its parent company announced a pending deal to buy American National Bank & Trust Co. Tuesday morning. in Danville, Virginia.
The all-stock deal is valued at $416.8 million.
By 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 a larger site in the Southwest and southern Virginia, where American National has been focused 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, according to financial data as of June 30, 2023.
Atlantic Union’s parent company, Atlantic Union Bankshares, trades on the NYSE under the symbol AUB. American National Bankshares trades on the Nasdaq as AMNB.
As part of the deal, each share of American National stock will be converted into 1.35 shares of Atlantic Union, 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 being advised on the deal by investment banking firm Piper Sandler & Co. and the Covington & Burling law firm. Keefe, Bruyette & Woods and Williams Mullen advise American National.
This is breaking news. Stay tuned to BizSense for more details on the offer.
About the Author: Michael Schwartz
Michael Schwartz is the editor of Richmond BizSense and covers banking, lawsuits, finance, M&A and golf. He can be contacted at [email protected] or 804-855-1037.
