Form 4: Director Agee Acquires Atlantic Union Bankshares Stock in Merger with American National

Director Nancy H. Agee acquired 31,414 shares of Atlantic Union Bankshares Corp (AUB) common stock on April 1, 2024, as a result of the merger between American National Bankshares Inc. and Atlantic Union Bankshares Corporation.

Summary

• On April 1, 2024, Nancy H. Agee, a director of Atlantic Union Bankshares Corp (AUB), acquired 31,414 shares of AUB common stock.
• This acquisition resulted from the merger of American National Bankshares Inc. with and into Atlantic Union Bankshares Corporation.
• The exchange ratio in the merger was 1.35 shares of Atlantic Union common stock for each share of American National common stock, with cash paid in lieu of fractional shares.
• Agee received the shares in exchange for 23,269.72 shares of American National common stock.
• On the last trading day before the merger's effective date, American National's common stock closed at $47.76 per share, while Atlantic Union's common stock closed at $35.31 per share.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing related to a merger. The sentiment is neutral as it simply reports the transaction.

Positives

• The merger provides Agee with a larger stake in the combined entity, Atlantic Union Bankshares Corp.

Industry Context

Mergers and acquisitions are common in the banking industry as institutions seek to expand their market presence and achieve economies of scale. This transaction reflects that trend.

Comparison to Industry Standards

• The exchange ratio of 1.35 shares of Atlantic Union for each share of American National is within the typical range for bank mergers.
• Comparable transactions would include other regional bank mergers where stock-for-stock exchanges were used to facilitate the deal.

Stakeholder Impact

• Shareholders of American National Bankshares Inc. received Atlantic Union Bankshares Corp. stock as a result of the merger.
• The merger could lead to changes in services or operations for customers of both banks.

Key Dates