Atlantic Union Bankshares in Richmond, Va., plans to lay off 4% of its staff and exit indirect auto lending as part of a broader series of expense cuts.
The $20.1 billion-asset company disclosed in a regulatory filing that the job cuts will take place by the end of July.
Atlantic Union also said it is renegotiating certain third-party contracts and reducing corporate office space by terminating leases.
The company said the moves, which followed a comprehensive review, should lower annual expenses by about $17 million. One-time expenses of $11.9 million are expected to be recognized over the next two quarters.