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A number of recent deals in the state could spur more Virginia banks to buy or sell. However, big out-of-state buyers are unlikely to get involved because there are few large targets left.
June 19 -
American National Bankshares Inc. in Danville, Va., announced it is buying MidCarolina Financial Corp. for $38.8 million.
December 16
American National Bankshares in Danville, Va., has agreed to buy MainStreet BankShares in Martinsville, Va.
The $1.3 billion-asset American National will pay about $24.2 million in cash and stock for the $166 million-asset MainStreet. In addition to combining institutions in southeastern Virginia, the deal will allow American National to enter Roanoke, Va. The merger values MainStreet at about 97% of its book value.
American National said in a press release Monday that it expects the deal to be accretive to earnings per share. Joel Shepherd, MainStreet's chairman, is expected to join American National's board. The deal is expected to close in early January.
"By combining Franklin County's only community bank with our century of banking, financial strength and commitment to 21st century technology, we will create the community bank of choice for businesses and individuals in this area," Jeffrey Haley, American National's president and chief executive, said in the release.
Keefe, Bruyette & Woods and LeClairRyan advised American National. BB&T Capital Markets and CowanPerry advised MainStreet.
