Atlantic Union sales stake in Virginia wealth management firm

Atlantic Union Bankshares in Richmond, Va., sold its equity interest in wealth management firm Cary Street Partners during the second quarter.

The $37.3 billion-asset Atlantic Union said in a press release that it sold the stake in the Richmond, Va., firm for a pretax gain of $14.3 million.

Atlantic Union received the stake in June 2022 when it sold its ownership interest in Roanoke, Va., investment advisor Dixon, Hubard, Feinour & Brown to Cary Street Partners.

The sale was one of several moves the company made in a quarter where it acquired Sandy Spring Bancorp in Maryland and sold $2 billion of commercial real estate loans it inherited from the acquisition. The loans were sold at a pretax gain of $15.7 million.

Atlantic Union reported $16.8 million in net income available to shareholders in the second quarter, a sharp drop from a year earlier that included $78.9 million in merger-related expenses.