Atlantic Union Bankshares Corp. officially completed its acquisition of American National Bankshares Inc. With this acquisition, Atlantic Union has strengthened its presence in Virginia and entered North Carolina's Piedmont Triad region and Raleigh, according to a press release.

American National shareholders will receive 1.35 shares of Atlantic Union common stock for each American National common stock. The total transaction value was approximately $507 million.

"We are excited to have the American National team officially join Atlantic Union Bank," John C. Asbury, president and CEO of Atlantic Union, said in the release. "Together, our banks have more than 200 years of experience serving the needs of local communities throughout the mid-Atlantic region. We look forward to bringing new products and services to American National's clients, and we believe this transaction will help enable us to deliver sustainable long-term shareholder value."

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