Strengthening its footprint in Roanoke, VA, American National Bankshares Inc. (AMNB) completed the merger with Martinsville, VA-based MainStreet BankShares Inc. The deal, which was announced in Aug 2014, is valued at around $24.2 million.
Per terms of the deal, shareholders of MainStreet will obtain 0.482 shares of American National common stock and cash amount of $3.46 for every MainStreet share held before the merger.
The deal helped American National broaden it wings in the Roanoke metropolitan statistical area, with the addition of three bank branches in Franklin County and the Smith Mountain Lake region.
Also, Virginia-based American National now has assets worth around $1.5 billion, up from $1.3 billion as of Sep 30, 2014. Upon closure of the deal, Franklin Community Bank – core subsidiary bank of MainStreet was merged with American National Bank and Trust Company – the banking subsidiary of American National, operating in Virginia and North Carolina.
Per the president and chief executive officer of American National, Jeffrey V. Haley, “Franklin Community Bank has served Franklin County well over the years, and we at American National look forward to integrating their proven commitment to the customer and the community into our heritage of longevity and strength as a financial institution.”
American National currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the finance space include Customers Bancorp, Inc. (CUBI), First Bancshares Inc. (FBMS) and Brookfield Asset Management Inc. (BAM). All three stocks hold a Zacks Rank #1 (Strong Buy).
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