Atlantic Union Bankshares Corp. is buying back up to $150 million worth of the Richmond-based company’s stock.
The institution, parent company of Atlantic Union Bank, said that its board had authorized the repurchase program.
The program ends June 30, 2021. Shares may be purchased periodically in privately negotiated transactions or in open-market transactions at prevailing prices.
The repurchases under the program after July 8, 2020, would require additional regulatory approval, the company said.
Atlantic Union Bankshares has 153 branches, seven of which are operated as Xenith Bank, in Virginia, North Carolina and Maryland.
The company’s name changed from Union Bankshares Corp. and its Union Bank & Trust operating bank subsidiary to Atlantic Union Bankshares and Atlantic Union Bank subsidiary in May.