About Atlantic Union Bankshares

Atlantic Union Bankshares Corporation operates as the holding company for Atlantic Union Bank that provides a wide range of financial services and products to commercial and retail clients. The company has branches and ATMs located throughout Virginia, and portions of Maryland and North Carolina. In addition, its non-bank financial services affiliates include Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. Principal Products and Services The company is a full-service bank offering consumers and businesses a wide range of banking and related financial services, including checking, savings, certificates of deposit, and other depository services, as well as loans for commercial, industrial, residential mortgage and consumer purposes. The company also offers wealth management and trust services to individuals and corporations. In addition, through its wholly owned subsidiaries, it offers equipment financing services, and insurance products. The company's customers have access to its products and services in-person via its full-service branches and ATMs, and virtually through its mobile and internet banking services. The company strives to provide a differentiated customer experience that is authentically human and digital forward. Lending Activities: The company's loan portfolio consists primarily of commercial, industrial, residential mortgage, and consumer loans. A substantial portion of the company's loan portfolio is represented by commercial and residential real estate loans (including acquisition and development loans and residential construction loans). The ability of the company's borrowers to honor their loan contracts is dependent on the real estate market and general economic conditions in those markets, as well as other factors. The majority of the company's commercial real estate and industrial loans are made to customers in Virginia, Maryland, North Carolina, and South Carolina. Mortgage Banking: The company's mortgage division, Atlantic Union Home Loans, originates the majority of its residential mortgage loans to borrowers nationwide, largely with the intent to sell such loans into the secondary mortgage markets. The company also originates certain mortgage loans to its customers within its branch footprint to hold for investment. Equipment Finance: The company provides equipment financing to commercial and corporate customers nationwide through Atlantic Union Equipment Finance, Inc. a wholly-owned subsidiary of the Bank. Atlantic Union Equipment Finance provides financing for a wide array of equipment types, including marine, tractors, trailers, buses, construction, manufacturing, and medical. Wealth Management, Trust and Insurance: The company offers a wide variety of financial planning, wealth management and trust services to individuals and corporations, which allows it to reach new customers and expand product offerings to its existing loan and deposit customers. The company offers financial planning, trust and investment management, and retirement planning services through its team of experienced financial advisors. Through Atlantic Union Financial Consultants, LLC, the company offers brokerage services and executes securities transactions through Raymond James Financial Services, Inc., an independent broker dealer. The company's insurance division, Union Insurance Group, LLC, is a wholly owned subsidiary of the bank that operates under an agreement with Bankers Insurance LLC, a large insurance agency owned by community banks across Virginia and managed by the Virginia Bankers Association. Union Insurance Group generates revenue through the sale of various insurance products through Bankers Insurance LLC, including long-term care insurance and business owner policies. Deposit Products and Treasury Services: The company's primary source of funds for its lending and investment activities are its deposit products. The company provides both commercial and consumer customers a diverse array of deposit products, including checking accounts, savings accounts, and certificates of deposit, among others. The company's deposits are primarily made to customers based in Virginia and portions of Maryland and North Carolina. In addition, the company provides its customers a suite of products and services, including among others, credit cards (through an arrangement with Elan Financial Services), treasury management services, and capital market services. Segments The company operates through two segments, Wholesale Banking and Consumer Banking, with corporate support functions, such as corporate treasury and others included in Corporate Other. Wholesale Banking segment provides loan, leasing, and deposit services, as well as treasury management, SBA lending and capital market services to the company's wholesale customers primarily throughout Virginia, Maryland, North Carolina, and South Carolina. These customers include commercial real estate and commercial and industrial customers. This segment also includes the company's equipment finance subsidiary, Atlantic Union Equipment Finance, which has nationwide exposure. The private banking and trust businesses also reside in the Wholesale Banking segment. Consumer Banking segment provides loan and deposit services to consumers and small businesses throughout Virginia, Maryland, and North Carolina. Consumer Banking includes the company's home loan division and its investment management and advisory services businesses. Deposits As of December 31, 2023, the company's deposits included interest checking accounts; money market accounts; savings accounts; customer time deposits of $250,000 and over; other customer time deposits; time deposits; and brokered deposits. Loans Portfolio As of December 31, 2023, the company's loan portfolio included construction and land development; commercial real estate - owner occupied; commercial real estate - non-owner occupied; multifamily real estate; commercial & industrial; residential 1-4 family - commercial; residential 1-4 family - consumer; residential 1-4 family - revolving; auto; consumer; and other commercial. Investment Portfolio As of December 31, 2023, the company's investment portfolio included U.S. government and agency securities; obligations of states and political subdivisions; corporate and other bonds; MBS (commercial and residential); and other securities. Supervision and Regulation The company is subject to the disclosure and regulatory requirements of the Securities Act and the Exchange Act, both as administered by the U.S. Securities and Exchange Commission (SEC), as well as the rules of the New York Stock Exchange (NYSE) that apply to companies with securities listed on the NYSE. The company is registered as a bank holding company with the Federal Reserve under the BHCA and has elected to be a financial holding company. As a financial holding company, the company is subject to comprehensive regulation, examination and supervision by the Federal Reserve and are subject to its regulatory reporting requirements. Federal law subjects financial holding companies, such as the company, to particular restrictions and qualifications on the types of activities in which they may engage, and to a range of supervisory requirements and activities. The company is also registered under the bank holding company laws of Virginia and is subject to supervision, regulation, and examination by the Virginia State Corporation Commission (Virginia SCC). The bank is chartered by the Commonwealth of Virginia and is supervised and regularly examined by the Virginia SCC. The bank, as a member of the Federal Reserve System, is also supervised and regularly examined by the Federal Reserve. The bank is also subject to regulation by the CFPB, as an institution with more than $10 billion in assets. The bank's deposits are insured up to applicable limits by the DIF of the FDIC and are subject to deposit insurance assessments based on average total assets minus average tangible equity to maintain the DIF. The basic limit on FDIC deposit insurance coverage is $250,000 per depositor. Under the FDIA, the FDIC may terminate a bank's deposit insurance upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations as an insured depository institution, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC, subject to administrative and potential judicial hearing and review processes. The authority of the bank to engage in transactions with related parties or affiliates, or to make loans to insiders, is limited by Sections 23A and 23B of the Federal Reserve Act of 1913, as amended and Regulation W. Loan transactions with an affiliate generally must be collateralized and certain transactions between the bank and its affiliates, including the sale of assets, the payment of money or the provision of services, must be on terms and conditions that are substantially the same, or at least as favorable to the bank, as those prevailing for comparable nonaffiliated transactions. The bank is subject to the requirements of the CRA. The CRA imposes on financial institutions an affirmative and ongoing obligation to meet the credit needs of the local communities, including low- and moderate-income neighborhoods. In addition, in order for a financial holding company, like the company, to commence any new activity permitted by the BHCA, or to acquire any company engaged in any new activity permitted by the BHCA, each insured depository institution subsidiary of the financial holding company must have received a rating of at least satisfactory in its most recent examination under the CRA. The bank received a satisfactory CRA rating in its most recent examination. The bank is a member of the FHLB of Atlanta, which is one of 12 regional Federal Home Loan Banks that provide funding to their members for making housing loans as well as for affordable housing and community development loans. Each Federal Home Loan Bank serves as a reserve, or central bank, for the members within its assigned region, and makes loans to its members in accordance with policies and procedures established by the Board of Directors of the applicable Federal Home Loan Bank. As a member, the bank must purchase and maintain stock in the FHLB. The bank is subject to a number of federal and state consumer protection laws that extensively govern its relationship with its customers. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Truth in Savings Act, the Electronic Fund Transfer Act, the Home Mortgage Disclosure Act, the Fair Housing Act, the Real Estate Settlement Procedures Act, the Service Members Civil Relief Act, laws governing flood insurance, federal and state laws prohibiting unfair and deceptive business practices, foreclosure laws, garnishment and other creditor laws, and various regulations that implement some or all of the foregoing. The company's mortgage origination activities are subject to Regulation Z, which implements the Truth in Lending Act. Certain provisions of Regulation Z require creditors to take a reasonable and good faith determination based on verified and documented information that a consumer applying for a mortgage loan has a reasonable ability to repay the loan according to its terms. Creditors are required to determine consumers' ability to repay in one of two ways. The company is also subject to various laws and regulations that attempt to combat money laundering and terrorist financing. The Bank Secrecy Act requires all financial institutions to, among other things, create a system of controls designed to prevent money laundering and the financing of terrorism, and imposes recordkeeping and reporting requirements. The USA Patriot Act added additional regulations to facilitate information sharing among governmental entities and financial institutions for the purpose of combating terrorism and money laundering, impose standards for verifying customer identification at account opening, and require financial institutions to establish anti-money laundering programs. Regulations adopted under the Bank Secrecy Act impose on financial institutions customer due diligence requirements, and the federal banking regulators expect that customer due diligence programs will be integrated within a financial institution's broader BSA/AML compliance program. The OFAC, which is a division of the Treasury, is responsible for helping to ensure that United States entities do not engage in transactions with enemies of the United States, as defined by various Executive Orders and Acts of Congress. History The company was founded in 1902. The company was incorporated in 1991. It was formerly known as Union First Market Bankshares Corporation and changed its name to Union Bankshares Corporation in 2014. Further, the company changed its name to Atlantic Union Bankshares Corporation in 2019.