Atlantic Union Bank Merger Common Questions
This page will be updated as more information is available as we work to bring our great banks together. If you don't see your question listed below, please send us a message through the link below. We are here for you!
What does this announcement mean?
We have announced that Atlantic Union Bankshares Corporation and American National Bankshares Inc. have signed a merger agreement, which is subject to certain closing conditions, whereby American National will merge into Atlantic Union. You can read more about the announcement in the press release from 7/25/23.
Why are American National and Atlantic Union merging?
This partnership will allow American National to leverage the resources of Atlantic Union and remain relevant to all of our stakeholders in a rapidly evolving industry.
By combining, we will create a bank that has increased size and scale to better compete with the national and super regional banks with greater products and services than many of our competitors.
Additionally, Atlantic Union’s greater depth of commercial banking solutions will bring more options to American National’s customers in serving our communities.
Who is Atlantic Union? How big are they? Where are they based?
Like American National, Atlantic Union, has operated since the early 1900s and is one of the highest quality banks headquartered in Virginia. Atlantic Union has over 100 branches a with a vast Virginia footprint and desire for a stronger North Carolina presence. Our size and footprint will be unmatched by any other bank based in the region.
Our cultures are very much aligned, and we both share a commitment to delivering a great customer experience with a genuine focus on the people and the communities we serve.
When will all this happen?
Now that the deal is announced, the two companies are beginning the process of obtaining regulatory and American National’s shareholder approval. It is expected that the legal close will occur in early 2024.
Will the American National Bank name change?
At conversion, later in 2024, the American National Bank brand will be retired, and the combined bank will operate under the name of Atlantic Union Bank.
Who are the leaders at Atlantic Union?
John Asbury is the Chief Executive Officer for Atlantic Union Bank and Maria Tedesco is the President and Chief Operating Officer.
Upon the closing date, Eddie Martin, Chief Administrative Officer of American National and Rhonda Joyce, American National’s Head of Commercial Banking will join Atlantic Union. Eddie will oversee the American National footprint in Virginia and Rhonda will oversee the North Carolina footprint.
Jeff Haley, President & CEO of American National will remain on as a consultant for two years and will work with Eddie and Rhonda on the community banking model in our footprint and also advise Atlantic Union's board on Trust and Investment services and the Danville-based charitable trusts.
Do I need to do anything different with how I bank today?
Between now and the closing date, there will be no changes in our day-to-day business operations and the two banks will continue to operate independently.
American National customers should continue to use their existing bank and banking systems until the system conversion, which is anticipated to occur in the second quarter of 2024.
When is the banking conversion scheduled?
American National will convert to the Atlantic Union core applications, which is anticipated to occur in the second quarter of 2024. A date for this systems conversion will be announced as soon as possible.
Until systems are converted American National employees and customers will continue to use its current systems. We will work with our counterparts at Atlantic Union to make the transition as smooth as possible.
Will any branches close as a result of this merger?
Fortunately, there is very little overlap with only have few overlapping branches (mainly in the Roanoke area) and we expect to consolidate them into other nearby branches.
Will American National customers be able to use Atlantic Union branches?
No. Until the conversion and integration is complete, the acquired American National branches will use different systems than other Atlantic Union branches. American National customers should continue to use their existing bank until conversion in the second quarter of 2024.
What are some of the benefits of this merger?
We believe that we are bringing together two of the best banks in the region and we are both stronger together.
Once we are combined, our customers will benefit from greater resources and increased lending capacity from a bank with a very compatible culture for which our employees and customers can thrive.
In addition, it will provide greater convenience in Virginia and North Carolina as the banking footprint is greatly expanded.
Where can I go to find more information?
We will continue to provide information on this dedicated merger page on our website as information becomes available.
You may also send a message via our form on our contact page.
Please note: Do NOT provide any of your personal or account information over the phone. Fraudsters will use any opportunity to scam, so if you receive a questionable phone call, hang up, and call your local branch or our customer support number.
