Atlantic Union Bank is an American regional bank based in Richmond, Virginia. Formerly known as Union Bank & Trust, Union First Market Bank, First Market Bank, and FMB-UBSH Interim Bank, the bank was established in 2009. Atlantic Union Bank's parent company is bank holding company, Atlantic Union Bankshares Corporation.[6][7]
As of June 2023[update], Atlantic Union Bank was the largest regional bank headquartered in Virginia, also operating in Maryland and North Carolina.[8]As of June 2023[update], the bank had 109 branches, as well as $20.6 billion in assets and $15.7 billion in deposits.[6] Atlantic Union Bank has offered automobile loans, commercial real estate, construction, and housing loans.[9]
History
In March 2009, the parent company, Union Bankshares Corporation, announced a merger plan with First Market Bank, FSB. In preparation for this merger, the parent company established FMB-UBSH Interim Bank in Richmond, Virginia in 2009.[10] However, the new bank did not commence operations until 2010.
In February 2010, Union Bankshares Corporation completed its acquisition of First Market Bank, FSB.[11] Simultaneously, First Market Bank, FSB merged into FMB-UBSH Interim Bank, which changed its name to First Market Bank (FMB).[12] In March 2010, the holding company merged its original subsidiary Union Bank and Trust Co., founded in Bowling Green, Virginia in 1902, into FMB.[13] FMB again changed its name to Union First Market Bank (UFMB).[13] While the newly chartered UFMB was the surviving institution, the bank adopted the FDIC Certificate of First Market Bank, FSB, and the Federal Reserve ID of Union Bank and Trust Co. Later, in 2010, the holding company merged Northern Neck State and Rappahannock National into UFMB.[14][15]
UFMB acquired StellarOne Bank in 2014,[16] and in 2015, UFMB rebranded to Union Bank & Trust (UB&T).[17] Following the acquisitions of Xenith Bank, formerly the Bank of Hampton Roads, and Access National Bank including Middleburg Bank which merged in 2017, [18] UB&T then rebranded in 2019 and became known as Atlantic Union Bank[19][20] in order to reflect the geographic expansion.[21]
In 2019, the bank created a division focused on financing for commercial equipment,[22] and donated a building acquired in the 1990s to the town of Bowling Green.[23] Atlantic Union Bank sold its registered investment adviser subsidiary in 2022.[24] In 2022, the bank had approximately 2,000 employees, primarily in Virginia,[25] and adopted a hybrid work model.[25][26] Approximately 1,000 employees work a hybrid schedule as of 2023.[27]
In 2023, Atlantic Union Bank's parent company announced plans to transfer its stock listing from Nasdaq to the New York Stock Exchange,[28] using the ticker symbol 'AUB'.[29] Additionally, Atlantic Union Bank's parent company announced plans to acquire American National Bankshares Inc., the Danville-based owner of American National Bank and Trust Co.[6] The acquisition expanded Atlantic Union Bank into Virginia's Southside, New River Valley, and the Roanoke metropolitan area, as well as North Carolina, particularly in the Piedmont Triad metropolitan region and Raleigh.[15][30]
Atlantic Union agreed to buy Maryland-based Sandy Spring Bancorp for $1.6 billion in an all-stock transaction in October 2024.[31]
Community activities
Atlantic Union Bank has naming rights for the Atlantic Union Bank Center, a multi-purpose arena on the James Madison University campus in Harrisonburg, Virginia. The venue was previously called the Union Bank & Trust Center as part of a ten-year name sponsorship agreement worth $2.25 million.[32][33] The bank also has naming rights for the Atlantic Union Bank Pavilion in Portsmouth, which was previously known as the Union Bank & Trust Pavilion.[34] Atlantic Union Bank has sponsored Roanoke's certified 5K run, called the Drumstick Dash,[35][36] as well as the 10K Mini run for children in Richmond.[37][38] Following the Russian invasion of Ukraine, the bank co-organized a fundraiser in support of Ukraine.[39] Atlantic Union Bank has also funded grants allowing community groups and non-profit organizations to hire summer interns.[40]
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