Atlantic Union Bankshares Corporation Completes Acquisition of American National Bankshares Inc.
01 Avril 2024 - 1:00PM
Business Wire
Atlantic Union Bankshares Corporation (“Atlantic Union”)
announced today that it has completed its previously announced
merger with American National Bankshares Inc. (“American
National”), effective April 1, 2024. This transaction strengthens
Atlantic Union’s presence in Central, Western and Southern Virginia
and provides a meaningful entry into North Carolina’s Piedmont
Triad region and Raleigh.
Under the terms of the merger agreement, American National
shareholders will receive 1.35 shares of Atlantic Union common
stock in exchange for each share of American National common stock,
with cash paid in lieu of fractional shares. Based on the closing
price of Atlantic Union common stock of $35.31 on Thursday, March
28, 2024, the aggregate transaction value was approximately $507
million.
“We are excited to have the American National team officially
join Atlantic Union Bank,” said John C. Asbury, president and CEO
of Atlantic Union. “Together, our banks have more than 200 years of
experience serving the needs of local communities throughout the
mid-Atlantic region. We look forward to bringing new products and
services to American National’s clients, and we believe this
transaction will help enable us to deliver sustainable long-term
shareholder value.”
In accordance with the merger agreement, Nancy Howell Agee and
Joel R. Shepherd have been appointed to the Boards of Directors of
Atlantic Union and Atlantic Union Bank.
Subsequent to the closing, on a pro forma basis as of December
31, 2023 before merger-related adjustments, Atlantic Union had
$24.3 billion in total assets, $19.4 billion in total deposits and
$17.9 billion in total loans held for investment. American
National’s subsidiary bank, American National Bank and Trust
Company, was merged into Atlantic Union Bank, effective April 1,
2024.
About Atlantic Union Bankshares Corporation
Headquartered in Richmond, Virginia, Atlantic Union Bankshares
Corporation (NYSE: AUB) is the holding company for Atlantic Union
Bank. Atlantic Union Bank has 135 branches and approximately 150
ATMs located throughout Virginia and in portions of Maryland and
North Carolina as of April 1, 2024. Certain non-bank financial
services affiliates of Atlantic Union Bank include: Atlantic Union
Equipment Finance, Inc., which provides equipment financing;
Atlantic Union Financial Consultants, LLC, which provides brokerage
services; and Union Insurance Group, LLC, which offers various
lines of insurance products.
Caution About Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, but are not limited to,
statements regarding our expectations with respect to the
transaction. Such statements are often characterized by the use of
qualified words (and their derivatives) such as “expect,”
“believe,” “may,” “will,” “anticipate,” “look forward,” “could,”
“should,” and “would,” as well as words of similar meaning or other
statements concerning opinions or judgment of us or our management
about future events. Forward-looking statements are based on
assumptions as of the time they are made and are subject to risks,
uncertainties and other factors that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence,
which could cause actual results to differ materially from
anticipated results, expressed or implied by such forward-looking
statements. Such risks, uncertainties and assumptions, include,
among others, the following:
- the possibility that the anticipated benefits of the
transaction, including anticipated cost savings and strategic
gains, are not realized when expected or at all, including as a
result of the impact of, or problems arising from, the integration
of the two companies or as a result of the strength of the economy,
competitive factors in the areas where we do business, or as a
result of other unexpected factors or events;
- the impact of purchase accounting with respect to the
transaction, or any change in the assumptions used regarding the
assets acquired and liabilities assumed to determine their fair
value and credit marks;
- the integration of the business and operations of American
National may take longer or be more costly than anticipated;
- other factors that may affect our future results including
changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; changes in interest rates; deposit
flows; inflation; customer borrowing, repayment, investment and
deposit practices; the impact, extent and timing of technological
changes; capital management activities; and other actions of the
Federal Reserve Board and legislative and regulatory actions and
reforms.
Although we believe that our expectations with respect to
forward-looking statements are based on reasonable assumptions
within the bounds of our existing knowledge of our business and
operations, there can be no assurance that our actual results will
not differ materially from any projected future results expressed
or implied by such forward-looking statements. Additional factors
that could cause results to differ materially from those described
above can be found in our most recent annual report on Form 10-K,
and other documents subsequently filed by us with the Securities
and Exchange Commission. Investors are cautioned not to rely too
heavily on any such forward-looking statements. Forward-looking
statements speak only as of the date they are made and we undertake
no obligation to update or clarify these forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240401426980/en/
Beth Shivak, Senior Vice President and Director of Corporate
Communications Beth.Shivak@atlanticunionbank.com, 804.327.5746
Bill Cimino, Senior Vice President and Director of Investor
Relations Bill.Cimino@atlanticunionbank.com, 804.448.0937
Atlantic Union Bankshares (NYSE:AUB)
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