WASHINGTON—Covington advised Atlantic Union Bankshares Corporation in a definitive merger agreement to acquire American National Bankshares Inc. in a transaction valued at approximately $416.8 million. This deal is one of only three unassisted public M&A transactions of 2023 in the financial services industry.
Under the terms of the agreement, Atlantic Union will issue 1.35 shares of its common stock for each share of American National common stock, valuing American National common stock at $39.23 per share, based on Atlantic Union’s ten-day weighted average closing stock price ending July 24, 2023. The combined company will have total assets of $23.7 billion, total deposits of $19.1 billion and gross loans of $17.3 billion, based on financial data as of June 30, 2023.
Headquartered in Richmond, Virginia, Atlantic Union is the holding company for Atlantic Union Bank. Atlantic Union Bank has 109 branches and approximately 125 ATMs located throughout Virginia, and in portions of Maryland and North Carolina.
Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 26 banking offices.
The Covington team included Rusty Conner, Charlotte May, Michael Reed, Chul Hun Lee, and Jasjit Grewal (Corporate), Randy Benjenk and Rye Salerno (Financial services), Jenna Wallace and Molly Ramsden (Employee Benefits), and Kurt Baca and Sumaya Bouadi (Tax).
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