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American National Bankshares Inc and MainStreet BankShares Inc announces agreement to merge

Monday, 25 Aug 2014 08:30am EDT 

American National Bankshares Inc and MainStreet BankShares Inc:Signs agreement which calls for MainStreet to merge with American National in transaction valued at about $24.2 mln.Says 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.Says as of close of business on Aug. 22, the per share acquisition price equaled about $14.05, or about 97 pct of MainStreet's June 30, book value per share.Says per share acquisition price will fluctuate with the value of American National common stock.MainStreet shareholders will own about 10 pct of combined company.Says Following completion of the merger, American National will remain well-capitalized and the company expects the transaction will be accretive to earnings per share.Keefe, Bruyette & Woods, Inc., acted as financial advisor to American National and LeClairRyan, A Professional Corporation, acted as its legal advisor in the transaction.Says BB&T Capital Markets acted as financial advisor to MainStreet and CowanPerry PC acted as legal advisor. 

Company Quote

0.02 +0.07%
25 Jul 2016