Atlantic Union Bank is an American

regional bank A regional bank is a depository institution, such as a bank, savings and loan, or credit union, which is larger than a community bank and operates below the state level, but not so large that it would operate either nationally or internationall ...

based in

Richmond, Virginia Richmond ( ) is the List of capitals in the United States, capital city of the Commonwealth (U.S. state), U.S. commonwealth of Virginia. Incorporated in 1742, Richmond has been an independent city (United States), independent city since 1871. ...

. 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 A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...

, ''Atlantic Union Bankshares Corporation''. , Atlantic Union Bank was the largest regional bank headquartered in Virginia, also operating in

Maryland Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It borders the states of Virginia to its south, West Virginia to its west, Pennsylvania to its north, and Delaware to its east ...

and

North Carolina North Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, South Carolina to the south, Georgia (U.S. stat ...

. , the bank had 109 branches, as well as $20.6 billion in assets and $15.7 billion in deposits. Atlantic Union Bank has offered automobile loans, commercial real estate, construction, and housing loans.

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

in 2009. However, the new bank did not commence operations until 2010. In February 2010, Union Bankshares Corporation completed its acquisition of First Market Bank, FSB. Simultaneously, First Market Bank, FSB merged into FMB-UBSH Interim Bank, which changed its name to First Market Bank (FMB). In March 2010, the holding company merged its original subsidiary Union Bank and Trust Co., founded in

Bowling Green, Virginia Bowling Green is an incorporated town in Caroline County, Virginia, United States. The population was 1,111 at the 2010 census. The county seat of Caroline County since 1803, Bowling Green is best known as the "cradle of American horse racing" ...

in 1902, into FMB. FMB again changed its name to Union First Market Bank (UFMB). 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. UFMB acquired StellarOne Bank in 2014, and in 2015, UFMB rebranded to Union Bank & Trust (UB&T). Following the acquisitions of Xenith Bank, formerly the Bank of Hampton Roads, and Access National Bank including Middleburg Bank which merged in 2017, UB&T then rebranded in 2019 and became known as Atlantic Union Bank in order to reflect the geographic expansion. In 2019, the bank created a division focused on financing for commercial equipment, and donated a building acquired in the 1990s to the town of Bowling Green. Atlantic Union Bank sold its registered investment adviser subsidiary in 2022. In 2022, the bank had approximately 2,000 employees, primarily in Virginia, and adopted a hybrid work model. Approximately 1,000 employees work a hybrid schedule as of 2023. In 2023, Atlantic Union Bank's parent company announced plans to transfer its stock listing from

Nasdaq The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

to the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

, using the ticker symbol 'AUB'. 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. The acquisition expanded Atlantic Union Bank into Virginia's Southside,

New River Valley Virginia's New River Valley region, colloquially named, is a four-county area along the New River in Southwest Virginia in the United States, including such major features as Claytor Lake, part of the Jefferson National Forest, the city of Ra ...

, and the

Roanoke metropolitan area The Roanoke Metropolitan Statistical Area is a Metropolitan Statistical Area (MSA) in Virginia as defined by the United States Office of Management and Budget (OMB). The Roanoke MSA is sometimes referred to as the Roanoke Valley, even though the ...

, as well as

, particularly in the

Piedmont Triad The Piedmont Triad (or simply the Triad) is a metropolitan region in the north-central part of the U.S. state of North Carolina anchored by three cities: Greensboro, North Carolina, Greensboro, Winston-Salem, North Carolina, Winston-Salem, and ...

metropolitan region and

Raleigh Raleigh ( ) is the List of capitals in the United States, capital city of the U.S. state of North Carolina. It is the List of municipalities in North Carolina, second-most populous city in the state (after Charlotte, North Carolina, Charlotte) ...

. Atlantic Union agreed to buy Maryland-based Sandy Spring Bancorp for $1.6 billion in an all-stock transaction in October 2024.

Community activities

Atlantic Union Bank has

naming rights Naming rights are a financial transaction and form of advertising or memorialization where a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event (most often sports venues), typical ...

for the Atlantic Union Bank Center, a multi-purpose arena on the

James Madison University James Madison University (JMU, Madison, or James Madison) is a public university, public research university in Harrisonburg, Virginia, United States. Founded in 1908, the institution was renamed in 1938 in honor of the fourth president of the ...

campus in

Harrisonburg, Virginia Harrisonburg is an independent city (United States), independent city in the Shenandoah Valley region of the Commonwealth (U.S. state), Commonwealth of Virginia in the United States. It is also the county seat of the surrounding Rockingham Cou ...

. The venue was previously called the Union Bank & Trust Center as part of a ten-year name sponsorship agreement worth $2.25 million. The bank also has naming rights for the Atlantic Union Bank Pavilion in

Portsmouth Portsmouth ( ) is a port city status in the United Kingdom, city and unitary authority in Hampshire, England. Most of Portsmouth is located on Portsea Island, off the south coast of England in the Solent, making Portsmouth the only city in En ...

, which was previously known as the Union Bank & Trust Pavilion. Atlantic Union Bank has sponsored Roanoke's certified

5K run The 5K run is a long-distance road running competition over a distance of . Also referred to as the 5K road race, 5 km, or simply 5K, it is the shortest of the most common road running distances. It is usually distinguished from the 5000 me ...

, called the Drumstick Dash, as well as the 10K Mini run for children in Richmond. Following the

Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...

, the bank co-organized a fundraiser in support of Ukraine. Atlantic Union Bank has also funded grants allowing community groups and non-profit organizations to hire summer interns.

References

{{NASDAQ Financial-100 1997 establishments in Tennessee Banks based in Virginia American companies established in 1997 Banks established in 1997 Companies based in Richmond, Virginia Companies listed on the Nasdaq