Virginia banks given thumbs up on merger; bigger bank will set up branches in smaller bank’s locations

Two Virginia banks were given the green light to merge by the Federal Reserve Friday, the agency said in a release.

According to the agency, it approved the proposal by Atlantic Union Bankshares Corp., of Richmond to merge with American National Bankshares Inc., and “thereby indirectly acquire American National’s subsidiary bank, American National Bank and Trust Co., both of Danville, Va.”

The Fed said it also approved a proposal for Atlantic Union Bank, of Richmond, to merge with American National Bank and for Atlantic Union Bank to establish and operate branches at locations of American National Bank.

According to the Federal Deposit lnsurance Corp. (FDIC), at the end of the third quarter 2023, Atlantic Union held assets of $20.6 billion; American National held $3 billion in assets.

Federal Reserve Board announces its approval of proposal by Atlantic Union Bankshares Corporation