Atlantic Union Bank

Atlantic Union Bankshares Corporation

The bank's logo
Formerly	Union Bank & Trust Union First Market Bank First Market Bank FMB-UBSH Interim Bank
Company type	Public company
Traded as	NYSE:  AUB
Industry	Financial services
Predecessors	Union Bank and Trust Co. (1902) First Market Bank, FSB (1997)
Founded	1902;123 years ago (1902) in Bowling Green, VA, United States as UNION BANK AND TRUST COMPANY. [1]
Headquarters	Richmond, Virginia
Number of locations	129 branches
Areas served	Virginia Maryland North Carolina
Key people	Ronald L. Tillett (chairperson) John C. Asbury (CEO) Maria Tedesco (President and COO)
Products	Checking accounts, saving accounts, credit cards, loans
Revenue	US$1.345 billion (2024)
Net income	US$2.89 billion (2024)
Total assets	US$24.585 billion (2024)
Total equity	US$3.142 billion (2024)
Number of employees	2,125 (2024)
Website	www.atlanticunionbank.com
Footnotes /references [2]

Atlantic Union Bankshares Corporation is a bank holding company based in Richmond, Virginia and is the parent company of Atlantic Union Bank, a regional bank. It operates 129 branches in Virginia, Maryland, and North Carolina and is the largest bank headquartered in Virginia. ^[2] It is on the list of largest banks in the United States.

It offers loans for automobiles, commercial real estate, construction, and housing as well as equipment financing and insurance products. ^{[2] [3]}

History

The company traces it roots to Union Bank and Trust Co., founded in 1902 in Bowling Green, Virginia. ^[4] In February 2010, the company merged with First Market Bank, FSB, and changed its name to Union First Market Bank (UFMB). ^{[5] [6]}

In June 2010, the company merged two affiliate banks, Northern Neck State and Rappahannock National, into UFMB. ^{[7] [8]}

UFMB acquired StellarOne Bank in 2014. ^[9]

In 2015, UFMB rebranded to Union Bank & Trust (UB&T). ^[10]

In December 2017, the bank acquired Xenith Bank. ^[11]

In February 2019, the bank acquired Access National Corporation and its subsidiary, Middleburg Bank. ^{[12] [13]}

In May 2019, UB&T rebranded to Atlantic Union Bank to reflect geographic expansion. ^{[14] [15] [16]}

In October 2019, the bank created a division focused on financing for commercial equipment. ^[17]

In June 2022, the company sold its registered investment adviser subsidiary. ^{[18] [19]}

In January 2023, the company transferred its stock listing from the Nasdaq to the New York Stock Exchange. ^[20]

In April 2024, the company acquired American National Bankshares Inc., based in Danville, which owned American National Bank and Trust Co. ^{[21] [22] [23] [24]} 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. ^{[8] [25]}

In April 2025, the company acquired Sandy Spring Bank. ^{[26] [27] [28]}

In June 2025, the company sold $2 billion of commercial real estate loans to an affiliate of The Blackstone Group for low 90s as a percentage of par value. ^{[29] [30]}

Naming rights and sponsorships

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 as part of a ten-year name sponsorship agreement worth $2.25 million. ^{[31] [32]}

The bank also has naming rights for the Atlantic Union Bank Pavilion in Portsmouth. ^[33]

The bank has sponsored Drumstick Dash, a 5K run in Roanoke. ^{[34] [35]} as well as the 10K Mini run for children in Richmond. ^{[36] [37]}

Philanthropy

In December 2019, the bank donated a building acquired in the 1990s to the town of Bowling Green. ^[38]

In May 2022, following the Russian invasion of Ukraine, the bank co-organized a fundraiser in support of Ukraine. ^[39]

In 2023, the bank funded grants allowing community groups and non-profit organizations to hire summer interns. ^[40]

Controversy

In December 2023, the Consumer Financial Protection Bureau ordered Atlantic Union Bank to pay a total of $6.2 million for misleading and illegally enrolling thousands of customers in its checking account overdraft program by phone in violation of the Electronic Fund Transfer Act. ^[41]

References

1. "BankFind Suite". Federal Deposit Insurance Corporation .
2. "Atlantic Union Bankshares Corporation 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 27, 2025.
3. Ress, Dave (October 19, 2023). "Rising interest a boost for Atlantic Union bank depositors". Richmond Times-Dispatch .
4. "BankFind Suite". Federal Deposit Insurance Corporation .
5. "UNION BANKSHARES ANNOUNCES SHAREHOLDERS' APPROVALS AND UNVEILS NEW NAME AND LOGO" (Press release). United States Securities and Exchange Commission. October 27, 2009.
6. "UNION FIRST MARKET BANKSHARES CORPORATION Form 8-K". United States Securities and Exchange Commission. February 1, 2010.
7. "Union First Market Bankshares Corporation to Consolidate Affiliate Banks". Union First Market Bankshares. June 30, 2010 – via U.S. Securities and Exchange Commission.
8. Ress, Dave (July 25, 2023). "Richmond-based Atlantic Union bank breaks into Southside Virginia". Richmond Times-Dispatch .
9. Powell III, Robert (May 12, 2014). "Union First Market Bank completes conversion of StellarOne Bank operations". Virginia Business.
10. Powell III, Robert (April 28, 2014). "Union First Market Bankshares Corp. changes its name". Virginia Business.
11. "Union Bankshares Corporation Completes Acquisition of Xenith Bankshares, Inc" (Press release). GlobeNewswire. January 1, 2018.
12. "Union Bankshares Corporation Completes Acquisition of Access National Corporation; Intends to Rebrand its bank from Union Bank & Trust to Atlantic Union Bank" (Press release). United States Securities and Exchange Commission. February 1, 2019.
13. Gilligan, Gregory J. (February 1, 2019). "Union Bank & Trust rebranding as Atlantic Union Bank" . Richmond Times-Dispatch .
14. Medici, Andy (May 20, 2019). "It's official: Union Bank is now Atlantic Union Bank" . American City Business Journals .
15. "Union Bank & Trust changes name to Atlantic Union Bank". The Virginian-Pilot . May 20, 2019.
16. Shapiro, Leonard (May 13, 2019). "Middleburg Bank re-branded as Atlantic Union". Fauquier Times .
17. "Atlantic Union Bank creates equipment finance division" . Richmond Times-Dispatch . October 23, 2019.
18. Reosti, John (June 24, 2022). "Inside Atlantic Union's decision to sell its profitable RIA unit". American Banker .
19. Blackwell, John Reid (July 28, 2022). "Future shock: HR execs ponder post-COVID work world". Virginia Business.
20. "Atlantic Union Bankshares Corporation Announces Transfer of Listing of Common Stock and Depositary Shares to the New York Stock Exchange" (Press release). Business Wire. January 6, 2023.
21. "Atlantic Union Bankshares Corporation Completes Acquisition of American National Bankshares Inc" (Press release). Business Wire. April 1, 2024.
22. 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.
23. Andrews, Kate (July 25, 2023). "Atlantic Union to acquire American National Bank". Virginia Business.
24. Schulte, Katherine (October 10, 2023). "Atlantic Union CEO tapped as American Bankers Assoc. chair-elect". Virginia Business.
25. Ress, Dave (June 16, 2023). "Atlantic Union Bank, based in Richmond, to lay off 74". Richmond Times-Dispatch .
26. Basil, Arasu Kannagi (October 21, 2024). "Atlantic Union to buy Sandy Spring for $1.6 bln in latest US regional bank deal". Reuters.
27. "Atlantic Union Bankshares Corporation Completes Acquisition of Sandy Spring Bancorp, Inc" (Press release). Business Wire. April 1, 2025.
28. Basil, Arasu Kannagi (October 21, 2024). "Atlantic Union to buy Sandy Spring for $1.6 bln in latest US regional bank deal". Reuters .
29. "Atlantic Union Bank Closes Sale of Approximately $2 Billion of Commercial Real Estate Loans to Blackstone" (Press release). Business Wire. June 26, 2025.
30. Kline, Alan (June 27, 2025). "Atlantic Union sells $2B of former Sandy Spring Bank loans to investment giant" . American City Business Journals .
31. "JMU Rebrands Arena After Sponsor Name Change". Daily News-Record . May 22, 2019.
32. Mettlen, Shane (September 13, 2020). "JMU Bracing For Limited Debut In New Arena". Daily News-Record .
33. "Portsmouth amphitheater undergoes name change". WVEC . Hampton, Virginia. May 21, 2019.
34. Woods, Megan (November 19, 2019). "Atlantic Union Bank donates thousands to Drumstick Dash cause". WSLS-TV .
35. Roshetko, Katey (November 25, 2019). "Race coordinators in Roanoke prepare for 14th annual Drumstick Dash". WDBJ.
36. "Sports Backers Atlantic Union Bank 10K Mini Kids Run". WTVR-TV . March 23, 2022.
37. "The 2023 Sports Backers Atlantic Union Bank 10K Mini Kids Run". WTVR-TV . February 27, 2023.
38. Lake, Sydney (December 9, 2019). "Atlantic Union Bank donates building to Bowling Green". Virginia Business.
39. "Event at Hardywood Brewery raises money for Ukrainians in need: 'Please donate'". WTVR-TV . May 1, 2022.
40. Graham, Crystal (January 9, 2023). "Atlantic Union Bank picking up the tab for 10 summer internships". Augusta Free Press.
41. "CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting". Consumer Financial Protection Bureau . 2023-12-07. Archived from the original on 2025-05-14. Retrieved 2025-09-15.