Union Bankshares to rebrand following wave of acquisitions
Union Bankshares in Richmond, Va., will rebrand as it integrates it latest acquisition.
The $16.8 billion-asset company said in a press release Friday that it will become Atlantic Union Bankshares. The company plans to change the name of its Union Bank & Trust to Atlantic Union Bank starting in May.
Union on Thursday completed the $500 million purchase of Access National in Northern Virginia.
John Asbury, Union's CEO, had told American Banker to expect a rebrand following its purchase of Xenith Bank and Access. The change will address confusion with other bank brands in Northern Virginia and North Carolina.
“We want a unifying brand that makes it easy for our customers to recognize us no matter where they live, work and play throughout the Mid-Atlantic region — from Virginia to North Carolina and Maryland,” Asbury said in Thursday’s release. Atlantic Union “is the perfect marriage between who we are today and where we came from.”
Union said that customers throughout the region were surveyed to evaluate the new name and image. The company will keep the Middleburg brand for its wealth management businesses.