Atlantic Union Bank
Atlantic Union Bankshares Corporation ("the Company") is a bank holding company headquartered in Richmond, Virginia which has Virginia roots dating back to 1900. Through its subsidiaries, the Company offers a wide range of personal and business financial services including checking and savings accounts, credit cards, various lending products, and wealth management. With 114 branches across Virginia, Maryland, and North Carolina, Atlantic Union Bank ("the Bank") is the Company's primary subsidiary.[1]
 | |
| Type | Public company |
|---|---|
| Nasdaq: AUB Russell 2000 component S&P 600 component | |
| Industry | Financial services |
| Founded | December 20, 1991 as Union Bancorp, Inc. |
| Headquarters | Richmond, Virginia, United States |
Number of locations | 114 branches |
Area served | Virginia Maryland North Carolina |
Key people | Ron Tillett, Chairman John Asbury, President and CEO Rob Gorman, EVP and CFO |
 $0.264 billion (2021) | |
| Total assets | $20.065 billion (2021) |
| Total equity | $2.710 billion (2021) |
Number of employees | 1,876 |
| Website | www |
| Footnotes / references [1] | |
History
Atlantic Union Bank
The Bank was founded as First Market Bank, FSB on November 4, 1997 in Memphis, Tennessee as a joint venture between Ukrop's Food Group and National Commerce Bancorporation, later acquired by Suntrust Banks.[1]
In March 2005, the Bank relocated its headquarters to Richmond.[1]
In March 2006, SunTrust sold its 49% interest in the Bank to Markel Corporation, a property and casualty insurer, for $82.6 million.[2]
On February 1, 2010, the Bank was acquired in a $105 million transaction by Bowling Green-based Union Bankshares Corporation. Throughout 2010, the Company consolidated its subsidiaries Union Bank and Trust Co., Northern Neck State Bank, and The Rappahannock National Bank of Washington into the Bank and changed its name to Union First Market Bank.[1][3]
In January 2014, the Company purchased StellarOne Corporation in a stock transaction valued at $445 million. The Bank then absorbed StellarOne Bank, founded in 1900 as The Second National Bank of Culpepper, to create the largest community bank headquartered in Virginia in May 2014.[1][4]
In February 2015, the Bank changed its name to Union Bank & Trust.[1]
In January 2018, the Company completed the $701 million acquisition of Xenith Bankshares, Inc., the largest such Virginia banking transaction in decades, and merged Xenith Bank, formerly known as the Bank of Hampton Roads, into the Bank. The deal expanded the Bank's footprint across all of Hampton Roads and into Maryland and North Carolina.[1][5]
In May 2019, the Bank changed its name to Atlantic Union Bank.[1]
References
- "FDIC: Atlantic Union Bank". Federal Deposit Insurance Corporation.
- "Suntrust Banks, Inc. 2007 FORM 10-K". U.S. Securities and Exchange Commission.
- "UPDATE: Ukrop's-owned First Market Bank to merge with Union Bankshares". Richmond Times Dispatch. March 30, 2009.
- "Union First Market Bankshares Completes Acquisition of StellarOne Corporation" (Press release). PR Newswire. January 1, 2014.
- "Union Bankshares Corp. acquires Xenith Bankshares and expands Hampton Roads presence". The Virginian-Pilot. June 9, 2017.