American National Closes Purchase Of MainStreet BankShares

(RTTNews) - American National Bankshares Inc (AMNB) on Friday completed its purchase of MainStreet BankShares Inc., the holding company for Franklin Community Bank.

The deal, valued at about $24.2 million, expands American National's footprint into the Roanoke, Va., metropolitan statistical area, adding three bank branches in Franklin County and the Smith Mountain Lake area. After the merger, American National now has about $1.5 billion in assets.

Under the terms of the deal, 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 owned immediately before the merger.

Following completion of the merger, MainStreet's subsidiary bank, Franklin Community Bank, was merged into American National Bank and Trust Co.