Atlantic Union Bankshares Corporation Announces $100 million Share Repurchase Authorization

Rhea-AI Summary

The Board of Directors of Atlantic Union Bankshares Corporation has authorized a $100 million stock repurchase program lasting until December 9, 2022. The program allows the Company to buy back shares periodically in open market or private transactions. This decision aims to enhance shareholder value, but the timing and execution will depend on various factors, including market conditions and pricing. There is no guarantee that the Company will repurchase any shares during this period.

Positive

• Authorization of a $100 million stock buyback program, indicating confidence in the company's financial health.
• Potential enhancement of shareholder value through stock repurchases.

Negative

• No assurance of actual share repurchases, leading to uncertainty for investors.

RICHMOND, Va., Dec. 10, 2021 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Atlantic Union Bankshares Corporation (the “Company”) has authorized the repurchase of up to $100 million worth of the Company’s common stock through December 9, 2022 (the “Repurchase Program”). Shares of common stock may be purchased under the Repurchase Program periodically in open market transactions or privately negotiated transactions at prevailing market prices, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

The actual means and timing of any purchases, target number of shares and prices or range of prices under the Repurchase Program will be determined by the Company in its discretion and will depend on a number of factors, including the market price of the Company’s common stock, share issuances under Company equity plans, general market and economic conditions, and applicable legal and regulatory requirements. The Repurchase Program may be modified, amended or terminated by the Board of Directors at any time. There is no assurance that the Company will purchase any shares under the Repurchase Program.

About Atlantic Union Bankshares Corporation

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 130 branches and approximately 150 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Dixon, Hubard, Feinour & Brown, Inc., which provides investment advisory services; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

Contact:

Bill Cimino, Senior Vice President and Director of Investor Relations 804.448.0937

FAQ

What is the purpose of the $100 million stock repurchase program for AUB?

The purpose of the stock repurchase program is to enhance shareholder value and demonstrate confidence in the company's financial condition.

When does the stock repurchase program for AUB expire?

The stock repurchase program is authorized until December 9, 2022.

How will AUB execute the stock repurchase program?

AUB may execute the stock repurchase program through open market transactions, privately negotiated transactions, or trading plans under applicable SEC rules.

Is there any guarantee that AUB will buy back shares under the program?

No, there is no assurance that AUB will purchase any shares under the buyback program.