Atlantic Union Bank

The bank's logo
Formerly	Union Bank & Trust Union First Market Bank
Company type	Public
Traded as	NYSE:  AUB
Industry	Financial services
Founded	1902; 122 years ago (1902) in Bowling Green, Virginia, United States
Headquarters	Richmond, Virginia , United States
Number of locations	109 branches (2023)
Areas served	Virginia Maryland North Carolina
Key people	Ronald L. Tillett ( chairperson) [1] John C. Asbury ( CEO) Maria Tedesco ( President and COO) [2] [3]
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 ^[update], Atlantic Union Bank was the largest regional bank headquartered in Virginia, also operating in Maryland and North Carolina. ^[7] As of June 2023 ^[update], 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]

References