Atlantic Union Bank

Last updated
Atlantic Union Bank
Formerly
  • Union Bank & Trust
  • Union First Market Bank
Company type Public
NYSE:  AUB
Industry Financial services
Founded1902;122 years ago (1902) in Bowling Green, Virginia, United States
Headquarters
Richmond, Virginia
,
United States
Number of locations
109 branches  (2023)
Areas served
Key people
Products Checking accounts, saving accounts, credit cards, loans and investment services.
Number of employees
1,877 [4]  (2022)
Parent Atlantic Union Bankshares Inc.
Website www.atlanticunionbank.com

Atlantic Union Bank is an American regional bank based in Richmond, Virginia. Formerly known as Union Bank & Trust and Union First Market Bank, the bank was established in 1902. Atlantic Union Bank's parent company is bank holding company, Atlantic Union Bankshares Inc.. [5] [6]

As of June 2023, Atlantic Union Bank was the largest regional bank headquartered in Virginia, also operating in Maryland and North Carolina. [7] As of June 2023, the bank had 109 branches, as well as $20.6 billion in assets and $15.7 billion in deposits. [5] Atlantic Union Bank has offered loans for automobiles, commercial real estate, construction, and housing. [8]

History

Union Bank & Trust (UB&T) was established in Bowling Green in 1902. [9] In 1993, UB&T acquired Northern Neck State Bank—established in Warsaw, Virginia, in 1909—and continued to operate as a separate affiliate bank. In 2010, UB&T acquired First Market Bank and rebranded UB&T to Union First Market Bank (UFMB). [10] In 2010, the holding company merged Northern Neck State and Rappahannock National into UFMB. [11] [12]

UFMB acquired StellarOne Bank in 2014, [13] and in 2015, UFMB rebranded back to UB&T. [14] Following the acquisitions of Access National Bank and Middleburg Bank (which merged in 2017), as well as Xenith Bank, [15] UFMB then rebranded and became known as Atlantic Union Bank in 2019, [16] [17] in order to reflect the geographic expansion. [18]

In 2019, the bank created a division focused on financing for commercial equipment, [19] and donated a building acquired in the 1990s to the town of Bowling Green. [20] Atlantic Union Bank sold its registered investment adviser subsidiary in 2022. [21] In 2022, the bank had approximately 2,000 employees, primarily in Virginia, [22] and adopted a hybrid work model. [22] [23] Approximately 1,000 employees work a hybrid schedule as of 2023. [24]

In 2023, Atlantic Union Bank's parent company announced plans to transfer its stock listing from Nasdaq to the New York Stock Exchange, [25] using the ticker symbol 'AUB'. [26] 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. [5] 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. [12] [27]

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. [28] [29] The bank also has naming rights for the Atlantic Union Bank Pavilion in Portsmouth, which was previously known as the Union Bank & Trust Pavilion. [30] Atlantic Union Bank has sponsored Roanoke's certified 5K run, called the Drumstick Dash, [31] [32] as well as the 10K Mini run for children in Richmond. [33] [34] Following the Russian invasion of Ukraine, the bank co-organized a fundraiser in support of Ukraine. [35] Atlantic Union Bank has also funded grants allowing community groups and non-profit organizations to hire summer interns. [36]

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References

  1. ↑ "Board of Directors". Atlantic Union Bank.
  2. ↑ "Maria Tedesco". Forbes.
  3. ↑ Sidersky, Robyn (January 18, 2022). "Atlantic Union Bank names Maria Tedesco COO". Virginia Business.
  4. ↑ "Form 10-K: Atlantic Union Bankshares Corporation" (PDF). U.S. Securities and Exchange Commission.
  5. 1 2 3 Andrews, Kate (July 25, 2023). "Atlantic Union to acquire American National Bank". Virginia Business.
  6. ↑ Schulte, Katherine (October 10, 2023). "Atlantic Union CEO tapped as American Bankers Assoc. chair-elect". Virginia Business.
  7. ↑ Crane, John R. (July 27, 2023). "Reaction to Danville's last independently owned bank being sold to Atlantic Union". Danville Register & Bee – via Richmond Times-Dispatch. Atlantic Union is the holding company for Atlantic Union Bank and has 109 branches and 125 ATMs throughout the commonwealth and parts of Maryland and North Carolina.
  8. ↑ Ress, Dave (October 19, 2023). "Rising interest a boost for Atlantic Union bank depositors". Richmond Time-Dispatch.
  9. ↑ Vogelsong, Sarah (July 26, 2023). "Atlantic Union acquiring southern Virginia bank". Virginia Mercury. States Newsroom – via Rappahannock News.
  10. ↑ "Form 8-K". Union First Market Bankshares Corporation. February 1, 2010 – via U.S. Securities and Exchange Commission.
  11. ↑ "Union First Market Bankshares Corporation to Consolidate Affiliate Banks". Union First Market Bankshares. June 30, 2010 – via U.S. Securities and Exchange Commission.
  12. 1 2 Ress, Dave (July 25, 2023). "Richmond-based Atlantic Union bank breaks into Southside Virginia". Richmond Times-Dispatch.
  13. ↑ Powell III, Robert (May 12, 2014). "Union First Market Bank completes conversion of StellarOne Bank operations". Virginia Business.
  14. ↑ Powell III, Robert (April 28, 2014). "Union First Market Bankshares Corp. changes its name". Virginia Business.
  15. ↑ Shapiro, Leonard (May 13, 2019). "Middleburg Bank re-branded as Atlantic Union". Fauquier Times.
  16. ↑ Medici, Andy (May 20, 2019). "It's official: Union Bank is now Atlantic Union Bank". Washington Business Journal.
  17. ↑ "Union Bank & Trust changes name to Atlantic Union Bank". The Virginian-Pilot. May 20, 2019.
  18. ↑ Gilligan, Gregory J. "Union Bank & Trust rebranding as Atlantic Union Bank". Richmond Times-Dispatch. ... Atlantic Union Bank — new monikers to better reflect its geographic expansion in recent years
  19. ↑ "Atlantic Union Bank creates equipment finance division". Richmond Times-Dispatch. October 23, 2019.
  20. ↑ Lake, Sydney (December 9, 2019). "Atlantic Union Bank donates building to Bowling Green". Virginia Business.
  21. ↑ Reosti, John (June 24, 2022). "Inside Atlantic Union's decision to sell its profitable RIA unit". American Banker .
  22. 1 2 Blackwell, John Reid (July 28, 2022). "Future shock: HR execs ponder post-COVID work world". Virginia Business.
  23. ↑ Sidersky, Robyn (April 18, 2022). "Atlantic Union reopens corporate offices: Bank among many with flexible work policies". Virginia Business.
  24. ↑ Mabeus-Brown, Courtney (August 30, 2023). "Here to Stay". Virginia Business.
  25. ↑ Andrews, Kate (January 6, 2023). "Atlantic Union transferring stock listing to NYSE". Virginia Business.
  26. ↑ "Atlantic Union is moving to the NYSE". Richmond Times-Dispatch. January 6, 2023.
  27. ↑ Ress, Dave (June 16, 2023). "Atlantic Union Bank, based in Richmond, to lay off 74". Richmond Times-Dispatch.
  28. ↑ "JMU Rebrands Arena After Sponsor Name Change". Daily News-Record. May 22, 2019.
  29. ↑ Mettlen, Shane (September 13, 2020). "JMU Bracing For Limited Debut In New Arena". Daily News-Record.
  30. ↑ "Portsmouth amphitheater undergoes name change". Hampton, Virginia: WVEC. May 21, 2019.
  31. ↑ Woods, Megan (November 19, 2019). "Atlantic Union Bank donates thousands to Drumstick Dash cause". WSLS-TV.
  32. ↑ Roshetko, Katey (November 25, 2019). "Race coordinators in Roanoke prepare for 14th annual Drumstick Dash". WDBJ.
  33. ↑ "Sports Backers Atlantic Union Bank 10K Mini Kids Run". WTVR-TV. March 23, 2022.
  34. ↑ "The 2023 Sports Backers Atlantic Union Bank 10K Mini Kids Run". WTVR-TV. February 27, 2023.
  35. ↑ "Event at Hardywood Brewery raises money for Ukrainians in need: 'Please donate'". WTVR-TV. May 1, 2022.
  36. ↑ Graham, Crystal (January 9, 2023). "Atlantic Union Bank picking up the tab for 10 summer internships". Augusta Free Press.
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