Latest news with #AtlanticUnion
Mint
3 days ago
- Business
- Mint
Teton Capital Said to Agitate for Changes at Atlantic Union Bank
(Bloomberg) -- Financier David Sokol's investment fund has taken a stake in Atlantic Union Bankshares Corp. and is pushing the US regional bank to consider cutting costs, shrinking its board and overhauling its executive compensation, according to people familiar with the matter. Teton Capital — run by the former Berkshire Hathaway Inc. executive — holds a less than 5% stake in Atlantic Union, said the people, who asked to not be identified because the details aren't public. Sokol, who was once considered a potential successor Warren Buffett, has been critical of Atlantic Union's performance since announcing a $1.6 billion purchase last year of Sandy Spring Bancorp, viewing it as an expensive foray into a new territory that isn't delivering good results, the people said. Sokol wants Atlantic Union to consider winnowing down its 14-director board, the people said. He believes it should also evaluate all overhead expenses to cut costs and align its executive compensation with stock performance, they said. Representatives for Teton Capital and Atlantic Union declined to comment. Atlantic Union closed 2% higher in New York trading Friday, giving the Richmond, Virginia-based company a market value of about $4.4 billion. Atlantic Union's shares have fallen around 19% this year. The bank added three members to its board this year following the closing of the Sandy Spring acquisition. That deal was supported by more than 95% of Atlantic Union's shareholders, according to a regulatory filing. The bank also added two additional board members via its all-stock acquisition last year of American National Bankshares. Sokol oversaw Berkshire Hathaway's energy utility and aviation company NetJets before resigning in 2011. More stories like this are available on
Bloomberg
3 days ago
- Business
- Bloomberg
Teton Capital Said to Agitate for Changes at Atlantic Union Bank
Financier David Sokol's investment fund has taken a stake in Atlantic Union Bankshares Corp. and is pushing the US regional bank to consider cutting costs, shrinking its board and overhauling its executive compensation, according to people familiar with the matter. Teton Capital — run by the former Berkshire Hathaway Inc. executive — holds a less than 5% stake in Atlantic Union, said the people, who asked to not be identified because the details aren't public.
Yahoo
06-02-2025
- Business
- Yahoo
Atlantic Union and Sandy Spring's $1.6bn merger deal secures approvals
Atlantic Union Bankshares and Sandy Spring Bancorp have secured shareholders' and regulatory approvals for the combination of their businesses. The transaction is anticipated to complete on 1 April 2025, contingent on the fulfilment or waiver of standard closing conditions. First announced in October 2024, the deal involves the acquisition of Maryland-based Sandy Spring by Virginia-based Atlantic Union for nearly $1.6bn. Each outstanding share of Sandy Spring common stock will be exchanged for the right to receive 0.900 shares of Atlantic Union common stock. Upon deal completion, Sandy Spring will merge with and into Atlantic Union. Atlantic Union president and CEO John Asbury said: 'We are pleased to have received all necessary bank regulatory approvals and each company's shareholder and stockholder approvals to proceed with the merger and remain on track to close the transaction on 1 April 2025. 'The merger will create a unique franchise by combining the #1 regional depository market share bank in Virginia with the #1 regional depository market share bank in Maryland.' Sandy Spring chair, president and CEO Daniel Schrider said: 'We are very excited to reach this important milestone as we work to bring together two great companies. 'It has been inspiring to see colleagues from both banks design, collaborate, and transform together to make this combination a success. 'This partnership will begin a new chapter, and we can't wait to see what we accomplish together.' The companies anticipate the merger to create the largest regional bank headquartered in the lower Mid-Atlantic, while also strengthening the combined company's foothold in Northern Virginia and Maryland. Three members of Sandy Spring's board of directors, including Dan Schrider, will secure seats on the Atlantic Union board post deal completion. Established in 1868, Sandy Spring had $14.4bn in assets, $11.7bn in total deposits, and $11.5bn in total loans as of 30 September 2024. "Atlantic Union and Sandy Spring's $1.6bn merger deal secures approvals" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
06-02-2025
- Business
- Yahoo
Atlantic Union and Sandy Spring's $1.6bn merger deal secure approvals
Atlantic Union Bankshares and Sandy Spring Bancorp have secured shareholders' and regulatory approvals for the combination of their businesses. The transaction is anticipated to complete on 1 April 2025, contingent on the fulfilment or waiver of standard closing conditions. First announced in October 2024, the deal involves the acquisition of Maryland-based Sandy Spring by Virginia-based Atlantic Union for nearly $1.6bn. Each outstanding share of Sandy Spring common stock will be exchanged for the right to receive 0.900 shares of Atlantic Union common stock. Upon deal completion, Sandy Spring will merge with and into Atlantic Union. Atlantic Union president and CEO John Asbury said: 'We are pleased to have received all necessary bank regulatory approvals and each company's shareholder and stockholder approvals to proceed with the merger and remain on track to close the transaction on 1 April 2025. 'The merger will create a unique franchise by combining the #1 regional depository market share bank in Virginia with the #1 regional depository market share bank in Maryland.' Sandy Spring chair, president and CEO Daniel Schrider said: 'We are very excited to reach this important milestone as we work to bring together two great companies. 'It has been inspiring to see colleagues from both banks design, collaborate, and transform together to make this combination a success. 'This partnership will begin a new chapter, and we can't wait to see what we accomplish together.' The companies anticipate the merger to create the largest regional bank headquartered in the lower Mid-Atlantic, while also strengthening the combined company's foothold in Northern Virginia and Maryland. Three members of Sandy Spring's board of directors, including Dan Schrider, will secure seats on the Atlantic Union board post deal completion. Established in 1868, Sandy Spring had $14.4bn in assets, $11.7bn in total deposits, and $11.5bn in total loans as of 30 September 2024. "Atlantic Union and Sandy Spring's $1.6bn merger deal secure approvals" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
