On July 24, 2023, American National Bankshares Inc. (?American National?) entered into an Agreement and Plan of Merger (the ?Merger Agreement?) with Atlantic Union Bankshares Corporation (?Atlantic Union?). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, American National will merge with and into Atlantic Union (the ?Merger?), with Atlantic Union continuing as the surviving entity. Immediately following the Merger, American National?s wholly owned bank subsidiary, American National Bank and Trust Company, will merge with and into Atlantic Union?s wholly owned bank subsidiary, Atlantic Union Bank (the ?Bank Merger?), with Atlantic Union Bank continuing as the surviving bank.

The Merger Agreement was approved by the Board of Directors of each of Atlantic Union and American National. The Merger Agreement provides that, at the Effective Time, the respective Boards of Directors of Atlantic Union and Atlantic Union Bank will each be increased in size by two, and two current members of the Board of Directors of American National, Nancy Howell Agee, lead independent director of American National, and Joel R. Shepherd, director of American National, will each be appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank.