American National Bankshares Inc. and HomeTown Bankshares Corporation Announce Shareholder Approvals for Proposed Merger
March 20 2019 - 3:05PM
American National Bankshares Inc. (Nasdaq: AMNB – “American”)
headquartered in Danville, Va., and HomeTown Bankshares Corporation
(Nasdaq: HMTA – “HomeTown”), headquartered in Roanoke, Va., jointly
announced that the shareholders of both companies have approved the
previously announced merger of HomeTown with and into American at
their respective special shareholder meetings held March 19, 2019.
The deal, announced last October, will create a 28-branch bank with
approximately $2.5 billion in total assets and expand the presence
of American in the Roanoke and New River Valley markets. The
shareholder approvals follow all necessary regulatory approvals and
the merger is set to close effective April 1, 2019.
“We are pleased to have received such strong support for this
partnership and we look forward to welcoming HomeTown’s customers
and employees to our community bank,” said Jeffrey V. Haley,
President and Chief Executive Officer of American.
“We appreciate the strong support of our shareholders in
approving the merger and look forward to joining American with
enhanced opportunities to benefit our customers, our employees and
the communities we serve,” said Susan K. Still, President and Chief
Executive Officer of HomeTown.
About American
American National Bankshares Inc. is a multi-state bank holding
company with total assets of approximately $1.9 billion.
Headquartered in Danville, Va., American is the parent company of
American National Bank and Trust Company (“American National
Bank”). American National Bank is a community bank serving southern
and central Virginia and north central North Carolina with 24
banking offices and two loan production offices. American National
Bank also manages an additional $769 million of trust,
investment and brokerage assets in its Trust and Investment
Services Division. Additional information about American and
American National Bank is available at www.amnb.com.
Shares of American are traded on the Nasdaq Global Select Market
under the symbol “AMNB.”
About HomeTown
HomeTown Bankshares Corporation is the parent company of
HomeTown Bank, which officially opened for business on November 14,
2005. HomeTown Bank offers a full range of banking services
to small and medium-size businesses, real estate investors and
developers, private investors, professionals and individuals.
HomeTown Bank serves three markets including the Roanoke Valley,
the New River Valley and Smith Mountain Lake through six branches,
seven ATMs, HomeTown Mortgage and HomeTown Investments. A
high level of responsive and personal service coupled with local
decision-making is the hallmark of its banking strategy. For more
information, please visit www.hometownbank.com.
Shares of HomeTown are traded on the Nasdaq Capital Market under
the symbol “HMTA.”
Caution Regarding Forward-Looking
Statements
Statements made in this release, other than those concerning
historical financial information, may be considered forward-looking
statements, which speak only as of the date of this release and are
based on current expectations and involve a number of assumptions.
These include statements as to the anticipated benefits of the
merger, including future financial and operating results, cost
savings and enhanced revenues that may be realized from the merger
as well as other statements of expectations regarding the merger
and any other statements regarding future results or expectations.
Each of American and HomeTown intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and is including this statement for
purposes of these safe harbor provisions. The companies’ respective
abilities to predict results, or the actual effect of future plans
or strategies, is inherently uncertain. Factors that could have a
material effect on the operations and future prospects of each of
American and HomeTown and the resulting company, include but are
not limited to: (1) the businesses of American and/or HomeTown
may not be integrated successfully or such integration may be more
difficult, time-consuming or costly than expected;
(2) expected revenue synergies and cost savings from the
merger may not be fully realized or realized within the expected
timeframe; (3) revenues following the merger may be lower than
expected; (4) customer and employee relationships and business
operations may be disrupted by the merger; (5) the ability to
complete the merger on the expected timeframe may be more
difficult, time-consuming or costly than expected; (6) changes
in interest rates, general economic conditions, legislation and
regulation, and monetary and fiscal policies of the U.S.
government, including policies of the U.S. Treasury, Office of the
Comptroller of the Currency and the Board of Governors of the
Federal Reserve System; (7) the quality and composition of the loan
and securities portfolios, demand for loan products, deposit flows,
competition, and demand for financial services in the companies’
respective market areas; (8) the implementation of new
technologies, and the ability to develop and maintain secure and
reliable electronic systems; (9) accounting principles, policies,
and guidelines; and (10) other risk factors detailed from time
to time in filings made by American and HomeTown with the
Securities and Exchange Commission. American and HomeTown undertake
no obligation to update or clarify these forward-looking
statements, whether as a result of new information, future events
or otherwise.
For more information, contact:
Jeffrey V. Haley
President & Chief Executive OfficerAmerican National
Bankshares Inc.haleyj@amnb.com
434.773.2259
Susan K. StillPresident & Chief Executive OfficerHomeTown
Bankshares Corporationsstill@hometownbank.com540.278.1705
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