Atlantic Union Bankshares in Richmond, Va., is planning a third round of branch closures.
The $19.9 billion-asset company said in a press release Friday that it will shutter 16 locations, representing about 12% of its total branch network, by March 1.
Atlantic Union also plans to close an operations center and sell 21,500 shares of Visa Class B common stock.
The company said it expects to incur $18.1 million of one-time expenses over the next two quarters tied to the moves. Over time, the closures should save the company about $8 million annually.
Atlantic Union closed 14 branches and cut about 125 positions late last year. It closed five more locations in February.