News Column

United States : AMERICAN NATIONAL BANKSHARES and MainStreet BankShares inks MERGER DEAL

August 26, 2014

A deal has been inked by American National Bankshares Inc. and MainStreet BankShares, Inc that demands for MainStreet to merge with American National in a transaction estimated at approximately $24.2 million.

MainStreet common stock shareholders would obtain 0.482 shares of American National common stock and $3.46 in cash for each share of MainStreet they own. MainStreet shareholders will own approximately 10 percent of the combined company.

The transaction widens 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. American National expects the transaction will be accretive to earnings per share.

It is suggested by American National that MainStreet's Board Chairman, Joel Shepherd, be added to the board upon completion of the merger.

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Source: TendersInfo (India)

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