Atlantic Union Bankshares to acquire American National Bankshares in all-stock transaction
Parradee Kietsirikul
- Atlantic Union Bankshares (NYSE:AUB) is set to acquire the multi-state bank holding company American National Bankshares (NASDAQ:AMNB) in an all-stock transaction.
- Each outstanding American National share will be converted into the right to receive 1.35 Atlantic Union shares, valuing the transaction at ~$416.8M or $39.23 per share.
- The two have entered into a definitive merger agreement for the acquisition, which is expected to create a company with total assets of ~$23.7B, deposits of ~$19.1B and and gross loans of ~$17.3B.
- The boards of both the companies have unanimously approved the merger agreement.
- The transaction is expected to complete in Q1'24.
- Source: Press Release