Atlantic Union completes $507M deal to acquire American National Bank

Posted at 6:20 AM, Apr 02, 2024
and last updated 2024-04-02 06:20:02-04

RICHMOND, Va. -- The closing of a roughly half-billion-dollar deal has wrapped up the first acquisition in four years for Richmond’s biggest bank.

Atlantic Union Bank announced Monday it had completed its acquisition of American National Bank & Trust Co., a 114-year-old institution based in Danville.

The previously announced deal, which became effective Monday, closed with an aggregate transaction value of $507 million, based on AUB’s roughly $35 closing stock price on March 28. The all-stock transaction was valued at $416 million when it was first announced last July.

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