Bank / Credit Union

Atlantic Union Bankshares to acquire American National

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July 28, 2023

Atlantic Union Bankshares Corp. has entered into a merger agreement with American National Bankshares Inc. to acquire American National. With this acquisition, Atlantic aims to expand its presence in southwest and southside Virginia, according to a press release.

This combined company will have $23.7 billion in assets, with $19.1 billion in deposits and $17.3 billion in loans.

"Partnering with Atlantic Union will unlock more value for all of our stakeholders," Jeff Haley, chairman, president and CEO of American National, said in the release. "In a rapidly changing industry, this combination will give us the ability to continue to meet our customers' banking needs with new technology and resources while providing increased opportunities for our employees. I believe we are bringing together two of the best banks in Virginia to realize tremendous opportunities. And at the root of this partnership are two solid banks with very compatible cultures which ultimately will make us stronger together."

American National board members Nancy Howell Agee and Joel R. Shephard will join the Atlantic Union board.