From a local Virginia bank to a regional franchise
Atlantic Union Bank is the Richmond, Virginia state-chartered Federal Reserve member bank at FDIC certificate 34589 and Federal Reserve identifier 693224. The October 2 institution index, reviewed October 5, 2026, records it as active. It ranks 59th in this series’ fixed June 30 inventory of domestic insured banks and savings institutions, an asset ranking rather than a judgment about financial strength. Atlantic Union Bankshares Corporation is its separate, publicly traded holding company. [1][2][3][6]
The bank traces a predecessor to Bowling Green, Virginia, in 1902. The holding-company structure took shape in 1993, and the current Atlantic Union name followed in 2019. Successive acquisitions expanded the business beyond its original community-bank territory. More recently, the parent acquired American National Bankshares Inc. in April 2024 and Sandy Spring Bancorp, Inc. in April 2025, extending its scale and reach in Virginia, Maryland and the Washington area. The strategy combined purchased franchises with organic growth rather than relying on new branches alone. [3][5]
Sandy Spring changed both the footprint and the balance sheet
Sandy Spring brought more than 50 branches in Virginia, Maryland and Washington, D.C. The 2025 annual report states that branch and operating integration finished on October 14, 2025. That completed systems milestone is distinct from the April 1 legal acquisition. The transaction also brought additional wealth-management businesses and a larger commercial-property portfolio, making integration and portfolio composition part of the same transformation. [3]
Atlantic Union did not retain every acquired loan. On June 26, 2025, it sold performing commercial-real-estate loans with $2.0 billion of unpaid principal that had been marked to $1.8 billion at acquisition and classified for sale. The sale was without recourse, while customer-facing servicing stayed with the bank, and produced a $10.9 million pretax gain after transaction expenses. This separated the ownership of credit exposures from the continuing borrower relationship. The gain must be understood against the acquisition-date carrying value, rather than mistaken for a profit over the original principal balance. [3]
The parent also raised approximately $385 million before expenses when it settled previously arranged forward share-sale agreements at the April 2025 closing. Thus the expansion included new equity and asset sales as well as acquired deposits and loans. Those steps help explain why the resulting franchise cannot be understood simply by adding the two pre-deal balance sheets. [3]
What the June insured-bank figures measure
At June 30, 2026, the bank reported $38.021 billion of assets, $30.583 billion of deposits and $28.398 billion of net loans and leases. Total equity capital was $5.792 billion and net income for the six months through June was $304.2 million. These are FDIC bank-level figures, converted from thousands of dollars; the income is year-to-date, not second-quarter income. [2]
The consolidated parent separately reported $38.100 billion of assets and $30.468 billion of deposits. Consolidation boundaries, intercompany eliminations and the scope of reported measures mean that bank and parent balances are not interchangeable. The June snapshot includes the completed Sandy Spring transaction; it does not measure an October balance sheet merely because the institution record was checked then. [2][4]
Scroll horizontally to see all columns.
| Insured-bank measure | June 30, 2026 |
|---|---|
| Assets | $38.021 billion |
| Deposits | $30.583 billion |
| Net loans and leases | $28.398 billion |
| Total equity capital | $5.792 billion |
| Net income, six months ended June 30 | $304.2 million |
A relationship model spanning credit, payments and wealth
The business serves households and companies through branches, ATMs and digital banking. Wholesale banking combines commercial and industrial credit, commercial property lending, equipment finance, treasury services, capital-markets products and wealth management. Consumer banking supplies deposits, household credit, mortgage origination and brokerage access. Mortgage loans are largely originated for sale into secondary markets, while equipment lending extends beyond the branch footprint. [3]
Treasury services connect the lender to customers’ operating accounts through collections, payments and management. Wealth and trust services add fee income alongside interest revenue. These connections can broaden a relationship beyond a single loan, but they also require dependable payment processing and consistent service through acquired systems. The economic benefit depends on customer use and retention, not merely the number of products available. [3]
Funding growth required more than deposit gathering
In the second quarter, parent loans held for investment rose $727 million to $28.673 billion, while period-end deposits increased only $77 million to $30.468 billion. Borrowings increased $576 million to $1.881 billion, principally through Federal Home Loan Bank advances used to fund originations. Deposits remained the main funding source, but borrowing supplemented a period when loan growth outpaced deposit growth. [4]
The quarter’s average interest-bearing deposit cost rose to 2.48% from 2.45%. Overall cost of funds stayed at 1.94% as lower acquisition-related borrowing amortization offset higher deposit costs. The distinction matters: stable aggregate funding cost did not mean every funding component became cheaper. Customer deposit pricing and accounting adjustments were moving differently. [4]
Property exposure remains central after the loan sale
The parent’s June loan portfolio included $7.304 billion of non-owner-occupied commercial real estate, $4.308 billion of owner-occupied property, $2.429 billion of multifamily loans and $1.859 billion of construction and land development. Commercial and industrial loans were $5.629 billion. Those separate categories show why a completed property-loan sale did not turn the institution into a lender without significant real-estate exposure. [4]
The repayment mechanisms differ. An owner-occupied building relies heavily on the operating company’s cash flow; an investment property relies on tenants and refinancing; construction must reach completion and stabilization. At June, parent nonaccrual loans were $110.9 million and nonperforming assets $112.7 million, or 0.39% of loans held for investment. The quarterly increase was mainly previously commercial and industrial loans moving to nonaccrual. Net were $2.0 million, or 0.03% annualized, while the $331.0 million credit-loss allowance included both funded loans and unfunded commitments. Low realized losses and a growing problem-loan balance can coexist. [3][4]
Earnings show the acquisition’s continuing accounting effects
Parent common-shareholder earnings reached $158.0 million in the second quarter, with company-adjusted operating earnings of $134.0 million. A May 1 sale of the group’s equity interest in Bearing Insurance Group, LLC generated a $32.3 million pretax gain. That was a sale of an ownership interest, not evidence that the group sold the whole insurance company. Reported earnings also benefited from $39.9 million of net acquisition accretion, compared with $32.9 million in the first quarter. [4]
Accretion recognizes acquisition-date fair-value adjustments over time. It contributed to the reported 3.89% net interest margin, so that margin is not solely the spread on newly originated loans and current deposit pricing. The completed integration and loan sale establish concrete outcomes of the expansion; durable customer growth, property-credit performance and earnings after temporary gains and purchase-accounting effects remain separate questions. [3][4]
Sources
- FDIC institutions: active status and legal identity, index dated October 2, checked October 5, 2026Official sourceBack to text: ↑
- FDIC insured-bank financials: June 30, 2026; amounts in thousands of dollarsOfficial sourceBack to text: ↑1↑2↑3
- Atlantic Union Bankshares: 2025 Form 10-K, business history, Sandy Spring integration, loan sale and product modelFiling / reportBack to text: ↑1↑2↑3↑4↑5↑6↑7↑8↑9
- Atlantic Union Bankshares: second-quarter results, July 21, 2026SourceBack to text: ↑1↑2↑3↑4↑5↑6↑7
- Atlantic Union Bank: institutional history, undated page reviewed October 5, 2026SourceBack to text: ↑
- FDIC June 30, 2026 asset inventory; domestic charter classes selected for this seriesOfficial sourceBack to text: ↑