The Bank Slate


Atlantic Union in Va. plans layoffs, indirect auto exit

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.

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