326  0 Kommentare American National Bankshares Inc. and MainStreet BankShares, Inc. Announce Agreement to Merge

DANVILLE, VA--(Marketwired - Aug 25, 2014) -  American National Bankshares Inc. (NASDAQ: AMNB) ("American National"), headquartered in Danville, Va., and MainStreet BankShares, Inc. (OTCBB: MREE) ("MainStreet"), headquartered in Martinsville, Va., today announced the signing of an agreement which calls for MainStreet to merge with American National in a transaction valued at approximately $24.2 million. The transaction expands American National's footprint into the Roanoke, Va., metropolitan statistical area, adding three bank branches in Franklin County and the Smith Mountain Lake area. American National will have approximately $1.5 billion in assets upon completion of the merger. 

Under the terms of the agreement, shareholders of MainStreet common stock will receive 0.482 shares of American National common stock and $3.46 in cash for each share of MainStreet they own. As of the close of business on August 22, 2014, the per share acquisition price equaled approximately $14.05, or approximately 97 percent of MainStreet's June 30, 2014, book value per share. The per share acquisition price will fluctuate with the value of American National common stock. MainStreet shareholders will own approximately 10 percent of the combined company. Following the completion of the merger, American National will remain well-capitalized and the company expects the transaction will be accretive to earnings per share. 

"We are extremely pleased to join forces with MainStreet. Their subsidiary bank, Franklin Community Bank, is known for its community-focused, dedicated staff who provide high quality financial services and products and who believe in the long-term growth and potential of Franklin County," said Jeffrey V. Haley, President and Chief Executive Officer of American National. "We believe in Franklin County, too. By combining Franklin County's only community bank with our century of banking, financial strength and commitment to 21st century technology, we will create the community bank of choice for businesses and individuals in this area."

Brenda H. Smith, President and CEO of MainStreet, said, "American National's culture, corporate character and commitment to the community are a natural fit for Franklin Community Bank, our shareholders and customers. We are excited about the merger and the opportunity it presents to leverage the strengths of each community bank. In addition, we bring to the deal a solid and devoted team of experienced bankers and a market poised for growth -- Smith Mountain Lake, Rocky Mount, and proximity to Roanoke."