To our customers –
I want to thank you for the opportunity to serve as your bank and make sure you saw our latest exciting news.
Our parent company, Atlantic Union Bankshares Corporation, has entered into a merger agreement to acquire American National Bank & Trust Company (“American National”). Headquartered in Danville, Virginia, American National operates in Southwestern and Southside Virginia, as well as North Carolina. Once merged, the combined company will have $23.7 billion in total assets, $19.1 billion in total deposits and $17.3 billion in gross loans, based on financial data as of June 30, 2023. This means that we will be better able to offer you the products, technology and convenience of bigger banks, but still with a local bank customer experience.
While we will be expanding our network as the largest regional bank headquartered in Virginia, some things will never change – like our commitment to our customers, the communities we serve and our goal of delivering a best-in-class customer experience.
We expect to close the transaction in the first quarter of 2024, subject to customary closing conditions, including receipt of regulatory approvals. For now, it is business as usual, and you should continue to do your banking as you normally would at any Atlantic Union Bank branch. It is important to note that, following the merger, the combined company will continue to use our operating systems, so there should be little to no impact to our existing customers’ accounts. We will let you know when you can begin taking advantage of our expanded footprint.
As various milestones are achieved, we’ll keep you informed on our website. If you have any questions in the meantime, please feel free to call our Customer Care Center at 800.990.4828 or visit any of our branches.
We look forward to serving your financial needs today and tomorrow. Thank you for banking with Atlantic Union Bank.
John C. Asbury
Chief Executive Officer
Atlantic Union Bankshares Corporation
Frequently Asked Questions
What was announced and what does it mean for Atlantic Union Bank?
On July 25, 2023, we announced that Atlantic Union Bankshares Corporation and American National Bankshares Inc. entered into a merger agreement, under which American National Bank and Trust Company will merge into Atlantic Union Bank.
Once merged, the assets of the combined organization will be approximately $23.7 billion, with deposits of approximately $19.1 billion and loans of approximately $17.3 billion based on financial data as of June 30, 2023. Immediately following the merger, we will have 135 branches across Virginia, North Carolina and Maryland.
Why is Atlantic Union Bank acquiring American National?
Atlantic Union Bank and American National have a rich history in the state of Virginia, share similar values and cultures, and commitment to serving customers, employees, shareholders and communities. Combining the two organizations will strengthen Atlantic Union Bank, the largest regional bank headquartered in Virginia, by deepening our presence in Southwest and Southside Virginia. The transaction will also provide a meaningful entry into the attractive Piedmont Triad and Raleigh regions of North Carolina. Immediately following the merger, we will have 135 branches across Virginia, North Carolina and Maryland.
Who is American National? How big are they? Where are they based?
American National has $3.1 billion in consolidated assets and is headquartered in Danville, Virginia. American National operates 26 branches, primarily in Southwest and Southside Virginia and in the Piedmont/Triad area of North Carolina.
What is the timing of the merger?
Subject to customary closing conditions, including receipt of regulatory approvals and American National shareholder approval, we expect the transaction to close in the first quarter of 2024.
Will Atlantic Union Bank’s name or headquarters location change?
No, following the merger, the combined organization will operate under the Atlantic Union Bank name and brand, and we will remain headquartered in Richmond, Virginia.
How does this affect my Atlantic Union Bank accounts?
There should be no changes to your Atlantic Union Bank accounts as a result of the merger.
Will any American National or Atlantic Union Bank branches be closed as a result of the merger?
We continue to evaluate the branch footprint of the combined organization to identify where duplication or other efficiency concerns may require branch closures; however, we have made no determinations about branch closures at this time
Can I begin using either bank?
Not yet, you should continue to do your banking as you normally would at an Atlantic Union Bank branch. We will let you know when you can begin taking advantage of our expanded footprint.
I have a question that isn’t answered here….how can I get an answer?
Atlantic Union Bank customers can reach us at MergerQuestions@AtlanticUnionBank.com
American National customers can reach them at www.amnb.com/contact
