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2 Virginia-based banking companies to merge

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Local,Virginia

DANVILLE, Va. (AP) — Two Virginia-based banking companies have agreed to merge in a cash-and-stock-deal valued at more than $24 million.

Danville-based American National Bankshares Inc. and Martinsville-based MainStreet Bankshares Inc. announced the merger Monday in a news release. The merger is expected to close in early January 2015, if it's approved by regulators and MainStreet shareholders.

MainStreet shareholders would own about 10 percent of the combined company under the agreement. They would receive 0.482 shares of American National stock and $3.46 in cash for each MainStreet share they own.

MainStreet is the bank holding company for Franklin Community Bank, N.A. and MainStreet RealEstate, Inc. Franklin Community Bank will be merged into American National Bank and Trust Company, which has branches in southern and central Virginia and north central North Carolina.

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