This is a conforming paper copy pursuant to Rule # 901(d) of
Regulation S-T.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 24, 1995
AMERICAN NATIONAL BANKSHARES INC.
(Exact name of registrant as specified in its charter)
Commission file number 0-12820
VIRGINIA 54-1284688
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
628 Main Street
Danville, Virginia 24541
(Address of principal executive offices) (Zip Code)
(804) 792-5111
(Registrant's telephone number, including area code)
(Former Name or former address, if changed since last report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
None
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
As reported in the Corporation's form 10-Q for the
first and second calendar quarters of 1995, American
National Bank & Trust Company (the Bank), a wholly owned
subsidiary of American National Bankshares Inc., announced
that the Bank had entered into a Purchase and Assumption
agreement with Crestar Bank which provided for the
acquisition of the Gretna, Virginia branch office of Crestar
Bank by American National Bank & Trust Company. On June 5,
1995 the Bank received approval of the Comptroller of the
Currency for the acquisition of this branch office.
This agreement was consummated on August 24, 1995 at
which time the Bank purchased the branch office facilities
and related furniture and fixtures at their current book
value of approximately $298,000, together with cash on hand
in the amount of $221,210 and designated loans in the amount
of $2,148,796 and assumed the deposit liabilities of
$36,295,103.
This acquisition was recorded as a purchase transaction
in which the Bank paid a cash premium based on deposits and
accrued interest. As a result of this purchase the
Corporation will record a core deposit intangible asset of
approximately $3,000,000.
The Gretna branch facility opened for business as a
branch operation of American National Bank & Trust Company
on August 25, 1995. All employees of the branch facility
became employees of American National Bank & Trust Company
and will continue to serve the customers of the Gretna
community.
No relationship exists between Crestar Bank and
American National Bank & Trust Company or its officers
except that Crestar Bank has served as a "correspondent" for
American National Bank & Trust Company for the purpose of
transferring funds and the collection of cash items or cash
letters in the normal course of a correspondent banking
relationship and that American National Bank & Trust Company
acts as agent for Crestar Bank by accepting Visa and
Mastercard applications on behalf of Crestar bank and by
collecting bank card deposits from merchants for Crestar
Bank.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
None
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
None
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ITEM 5. OTHER EVENTS
None
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
None
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None
ITEM 8. CHANGE IN FISCAL YEAR
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
American National Bankshares Inc.
Registrant
/s/ Charles H. Majors
---------------------------------
Charles H. Majors
President and Chief
Executive Officer
September 7, 1995
