American National completes $24.2 million merger with MainStreet BankShares
Danville-based American National Bankshares Inc. has completed its $24.2 million merger with MainStreet BankShares Inc., the parent company of Franklin Community Bank.
The merger, effective Jan. 1, expands American National’s footprint into the Roanoke metro area, adding three bank branches in Franklin County and the Smith Mountain Lake area.
With the merger, American National now has about $1.5 billion in assets.
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 MainStreet share they owned immediately before the merger.
Franklin Community has merged into American National Bank and Trust Co. Plans call for the three Franklin Community banking offices to continue operating under that name as a division of American National until early to mid-2015.
Brenda H. Smith, former president and chief executive officer of Franklin Community, has joined American Bank as senior vice president.
Todd S. Hammock, formerly senior lender for Franklin Community, has joined the bank as senior vice president and market president for the Franklin County region.
Joel R. Shepherd, formerly chairman of the board for MainStreet, was named to the American National board.
A new Franklin County advisory board will include members of the boards of MainStreet and Franklin Community.