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Winchester cabinet manufacturer closing Orange plant

Winchester-based manufacturer is closing its in , laying off 131 employees.

The company notified the state of the closure Jan. 7 in compliance with the . The at the , located at 281 Kentucky Road, will take effect March 24.

American Woodmark did not immediately respond to a request for comment.

The company reported $1.84 billion in net sales for its fiscal year ended April 30, 2024 — down 10.6% year-over-year.

Its fiscal 2025 sales have fallen from fiscal 2024. In November 2024, American Woodmark reported net sales of $452.5 million for the second quarter of its fiscal 2025 year, down $21.4 million, or 4.5%, from the same quarter last year.

For the first six months of fiscal 2025, the cabinetmaker’s net sales have decreased $60.5 million — 6.2% — from the same period last year, falling to $911.6 million.

In its fiscal 2025 financial outlook included in the second quarter report, the company said it expects a low single-digit decline in net sales year-over-year.

“Despite macro-economic housing headwinds, our teams remain dedicated and focused on controlling our discretionary spend and focusing on operational improvements,” Paul Joachimczyk, senior vice president and chief financial officer for American Woodmark, said in a statement in the second quarter results news release. “When the macro-housing conditions improve, we’ll be strongly positioned in the marketplace.”

American Woodmark’s cabinet brands include its namesake, as well as Shenandoah Cabinetry, Timberlake Cabinetry and Waypoint Living Spaces. In March 2024, it launched a new brand, 1951 Cabinetry, named for the company’s founding year. The manufacturer has about 8,600 employees, as well as 19 and distribution facilities — including the Orange facility — and eight primary service centers.

Virginia Realtors has a new CEO

Rick Lugg is Virginia ‘ new , effective immediately, the trade organization announced Friday.

The association’s longtime chief financial officer and chief operating officer, Lugg replaces Terrie Suit, who retired last fall. Martin K. Johnson, ‘ chief external affairs officer, served as interim CEO.

-based Virginia Realtors represents nearly 35,000 Realtors and is billed as the state’s largest trade association. Lugg joined the organization in 2009, after having served in management roles at Circuit City. He was also a programmer analyst in the Air Force and holds an MBA from the University of Richmond.

“Following a comprehensive search to identify our next leader, I am pleased to share that has accepted his appointment as Virginia Realtors’ new CEO. With his extensive leadership background, IT expertise, and deep understanding of our association and industry, Rick is well equipped to excel in this role,” says Virginia Realtors’ 2025 President Lorraine Arora, a Northern Virginia . “For 15 years, his leadership, innovation, and thoughtful approach have helped propel our association forward. With Rick at the helm, we are confident in a bright future for our organization.”

Va. casino revenue rose 32% in 2024 over previous year, lottery reports show

The house always wins, Virginia’s three casinos proved in 2024, raking in nearly 32% more in adjusted gaming revenues than in 2023.

Some of the gains are related to the fact that Danville’s opened its temporary facility midway through 2023 and was in operation throughout 2024. According to data provided by the and tabulated by Virginia Business, the state’s casinos in Bristol, Danville and brought in about $732.2 million in adjusted gaming revenues (wagers minus winnings) in 2024. In 2023, the casinos generated $554.9 million.

The overall winner was , with $309.5 million in adjusted revenue, compared to $250 million in 2023. Danville’s Caesars Virginia recorded $240.1 million in 2024, hitting a high point in December 2024 with $28.3 million, likely related to the grand opening Dec. 17, 2024 of its permanent facility. In 2023, after opening its temporary in May, Caesars reported $145 million in its first year.

, the first temporary casino opened in Virginia in 2022, reported $182.4 million in 2024, up from $157 million in 2023. Hard Rock held its permanent casino’s grand opening on Nov. 14, 2024.

December 2024 tallies

All three casinos hit high points at the end of the year, according to the Virginia Lottery’s report this week. With Caesars Virginia coming in first with $28.3 million last month, Rivers Casino Portsmouth reported $25.9 million in December 2024, and Bristol reported $20.6 million. The month’s total was $74.9 million, the highest revenue rate of the year.

Also among the winners were the three host cities. Portsmouth received 7% of Rivers Casino’s take in December 2024, about $1.8 million; Danville also received 7% of Caesars’ revenue, $1.98 million, and 6% of Hard Rock Bristol’s earnings — about $1.24 million last month — goes to the Regional Improvement Commission, which the General Assembly established to distribute Bristol casino tax funds throughout Southwest Virginia.

Virginia law assesses a graduated tax on a casino’s adjusted gaming revenue. For the month of December 2024, taxes from casino AGRs totaled about $16.2 million.

Under Virginia law, 6% of a casino operator’s AGR goes to its host locality until the operator passes $200 million in AGR for the year, at which point the host locality’s tax rate rises to 7%. If an operator passes $400 million in AGR in the calendar year, that rises to 8%.

The Problem Gambling Treatment and Support Fund receives 0.8% of total taxes — about $129,583 last month. The Family and Children’s Trust Fund, which funds family violence prevention and treatment programs, receives 0.2% of the monthly total, which was approximately $32,395 in December 2024.

The team behind the delayed , and the , announced this week the selection of Virginia Beach-based S.B. Ballard Construction and Mississippi-based Yates Construction — the companies that built Rivers Casino Portsmouth — to lead construction of the $750 million Norfolk facility. A temporary casino is expected to be completed later this year.

In November 2024, more than 80% of Petersburg voters said yes to the city’s casino referendum.

Microporous secures $100M federal grant toward $1.3B Pittsylvania plant

Microporous, the Tennessee company planning to invest $1.3 billion to build a separator in Pittsylvania County, has been formally awarded $100 million from the , part of which will go toward the new .

The company was among seven businesses chosen in November 2023 to receive a combined $275 million from the federal government under the DOE’s Advanced Energy and Recycling Grant Program under the Bipartisan Infrastructure Law. Wednesday’s announcement means Microporous has progressed from being a “selectee” in the program’s first round to securing “awardee” designation after passing a “rigorous review and negotiation process,” according to the company’s announcement.

A Microporous spokesperson said Thursday that the DOE grant will be active over three years, starting April 1 and running through March 31, 2028. During that period, the company will submit expenses for reimbursement and receive payments.

Microporous plans to use the funding to build the $1.35 billion polyethylene battery separator production facility at the Southern Virginia at Berry Hill, and launch PE lithium-ion battery separator production at its home of Piney Flats, Tennessee.

The company expects to employ more than 2,000 workers as the first anchor tenant at the Southern Virginia Megasite, which is owned jointly by the City of and through the Danville-Pittsylvania Regional Industrial Facility Authority. Microporous says it expects the plant to be fully operational in 2026.

According to the DOE, Microporous will provide 282 permanent jobs in Pittsylvania for “double-distressed coal and Justice40 communities,” an initiative started by the Biden administration that 40% of certain federal climate, clean energy, affordable and sustainable housing funding flows to disadvantaged communities. At least 85% of full-time employees are expected to be from local disadvantaged communities by the completion of the project.

Microporous also is eligible to receive the state Major Employment and Investment Project Approval Commission’s special appropriation of up to $60.6 million for the company’s investment of more than $1.3 billion and the creation of more than 2,000 jobs, subject to the approval of the Virginia General Assembly, according to a news release from the governor’s office. Additionally, the company is eligible to apply for state grants from the Port of Virginia.

Virginia Sen. Tammy Brankley Mulchi, R-Clarksville, is sponsoring a state Senate bill that would fund 20 annual installments to Microporous totaling $60.597 million, executing a memorandum of understanding between the company, the state and the . The bill has been referred to the Senate Committee on Commerce and Labor.

Similar bills under consideration in the Senate and House of Delegates would establish 15 annual grant installments totaling $60 million for Micron Technology’s $2.17 billion expansion in Manassas, creating an expected 340 jobs. That company is set to receive up to $275 million in federal funding, U.S. Sens. Mark Warner and Tim Kaine announced in December 2024.

Perdue Farms agrees to $4M settlement in child labor probe

Perdue Farms has agreed to pay $4 million in restitution to settle a federal investigation into alleged child violations at the company’s processing on Virginia’s .

In October 2023, the U.S. ‘s Wage and Hour Division announced it had launched a probe into alleged child labor violations at the Tyson Foods and poultry plants in following a New York Times exposé in September 2023 that recounted the story of a 14-year-old Guatemalan boy whose arm was maimed while working an overnight cleaning shift at Perdue’s facility on the Eastern Shore.

What differentiated this DOL investigation from earlier probes was that the allegedly underage workers were employed by third-party contractors, not directly by the poultry giants. The Wage and Hour Division’s investigation of Tyson Foods remains open, according to a DOL spokesperson.

According to Wednesday’s announcement, the Labor Department reached a separate agreement with Seattle-based temporary staffing agency Staff Management Solutions and SMX (subsidiaries of TrueBlue and known collectively as SMX), in which the company agreed to pay a $125,000 civil penalty and was permanently enjoined from future violations in meat processing and packing industry.

In addition to Perdue paying $4 million in restitution to the children and organizations advocating for child labor victims, as well as supporting work to prevent child labor, the Maryland-based company agreed to pay a $150,000 monetary penalty, according to the DOL news release.

As far back as 2020, Perdue Farms contracted with SMX to fill production jobs at its plant, DOL investigators found. “They jointly employed children in hazardous occupations … to debone and process chicken and other products using equipment such as electric knives and a heat-sealing press,” the DOL said. “The employers also permitted children to work after 7 p.m. during a regular school week,” violations of the Fair Labor Standards Act’s child labor hazardous orders and hours provisions.

Federal investigators found that Perdue violated the FLSA’s “hot goods” rule, which prevents employers from shipping goods produced in an establishment where there was illegal child labor.

“The Department of Labor has and will use all available tools to address child labor exploitation,” Wage and Hour Administrator Jessica Looman said in a statement. “Government, industry, workers and advocates must come together to build solutions to the problem of exploitative child labor. The department’s work uncovering a systemic disregard for the safety of children resulted in meaningful commitments to stop and prevent child labor exploitation.”

Perdue spokesperson Andrea Staub released a statement regarding the matter, saying that the company “has entered into an agreement with the Department of Labor to support the greater Accomac community and unaccompanied migrant children.”

According to its statement, Perdue “strongly disagreed with DOL’s findings of liabilities, and there are no admissions in the agreement to the contrary, [but] Perdue recognized that a prolonged dispute with the Department of Labor did nothing to address the child labor crisis.” The company added that the investigation didn’t identify any current underage workers at Perdue Farms.

The company said it will establish a $2 million fund for the benefit of impacted minors and will make $2 million in contributions to the Eastern Shore Community College and Kids in Need of Defense (KIND), a national organization focused on providing legal representation to children in immigration proceedings and protecting their rights to due process.

“Any instance of underaged workers in our facilities was without authorization and is unacceptable. Underage labor has no place in our business and our industry,” Staub said.

Perdue and SMX agreed to several measures under the agreements, including not hiring anyone under the age of 18 in certain locations; providing mandatory training on child labor for employees; disciplining anyone who doesn’t comply with federal child labor laws; not retaliating against any employee who has filed a complaint or testifies in an FLSA proceeding; establishing a tip line for employees; and increasing reporting regarding compliance.

On Thursday, the Department of Labor announced it had entered into an agreement with a Tennessee-based cleaning contractor that allegedly employed children at 13 meat and poultry processing facilities, including in Virginia.

QSI, part of conglomerate Vincit Group, worked with Tyson Foods at its Temperanceville facility, in Accomack County. The DOL found that QSI employed children overnight, and the employer has agreed to pay $400,000 in civil penalties, as well as monitor and audit policies to prevent underage workers from taking dangerous jobs and maintain a toll-free number to report concerns about child labor.

“The Department of Labor’s announcement today is simply not accurate,” QSI said in a statement. “Our agreement contains no admission by QSI or any finding of violations. We entered into this voluntary settlement agreement only after DOL’s investigation found zero underage individuals on-site or working at QSI and to avoid the time and expense of litigation.

“DOL has refused to disclose any information whatsoever regarding alleged ‘violations’ (none of which could be verified by third party auditors). DOL acknowledged it has not identified any current violations, and that QSI’s industry-best compliance measures are working effectively. Our settlement is not a consent order and judgment as every other contract sanitation company has been required to enter and does not require any additional DOL oversight or monitoring beyond best practices QSI voluntarily put in place long before DOL’s investigation began.

“QSI has a zero-tolerance policy for any employment of underage workers. We have taken extensive steps over the last two and a half years to strengthen our hiring and compliance practices as we continue to serve our customers with integrity and excellence.”

In May 2024, Tennessee cleaning contractor Fayette Janitorial Service, which Perdue hired to clean its Accomac poultry plant, entered into a consent order and judgment with a federal court in Iowa to pay nearly $650,000 in civil money penalties. The DOL’s Wage and Hour Division found that Fayette employed at least 24 children, some as young as 13, on overnight sanitation shifts at Perdue’s Accomac plant and Seaboard Triumph Foods in Sioux City, Iowa.

Arkansas-based Tyson Foods has also been under investigation for allegedly employing minors believed to be under 16 years old in two Arkansas plants, according to court records unsealed in October 2024.

Japanese manufacturer set to close Chesapeake plant

Nitto, a Japanese developer of and manufacturer of products for , and other industries, plans to close its by September, laying off 86 workers.

The company notified the state of the closure Jan. 8 in compliance with the . The plant is at 809 Principal Court, in the Greenbrier Business Center. An entity connected to Nitto owns the building.

Kentucky Gov. Andy Beshear announced Jan. 9 that Nitto plans to open a multimillion-dollar facility in Frankfort, creating 220 full-time jobs.

Nitto plants in Alabama and Ohio are also closing, according to Rubber News.

“It’s very unfortunate,” said Steven Wright, director of for the City of Chesapeake. “I guess if there is a silver lining, [it’s that] they waited until after the holiday season.”

Nitto stated in its notice that “a small number of employees” from Chesapeake will transfer to a Nitto facility in Frankfort.

The first group of will take place March 7 to 25, and the second phase will be in September. The affected employees are not represented by a union, according to the notice.

Chesapeake officials were not told the reason for the plant’s closure, according to Wright. According to Nitto’s website, its Chesapeake location opened in 1989, servicing electronics and office equipment industries, but it expanded into automotive and industrial markets later. The plant combines foams, rubbers, plastics, felts, adhesives and liners to create finished products.

The Japanese parent company purchased what was known as Nistem Precision in 2007.  In 2017, the name of the Chesapeake business changed from Nitto Denko Automotive Virginia to Nitto.

The global company Nitto, which employs more than 27,000 worldwide, did not respond to a request for comment.

“Our hope is certainly that we can identify other opportunities for them,” Wright said of Nitto’s local workers. “I feel certain that there may be some other manufacturers in our city, in our region, that will get these people employed.”

Norfolk casino developers select construction management team

A joint venture between Virginia Beach-based S.B. Ballard Construction and Mississippi-based Yates Construction — the companies that built — will lead construction of the $750 million resort.

The development partners, Boyd Gaming and the Pamunkey Indian Tribe, announced the selection of Yates/Ballard as construction manager Tuesday.

“These two outstanding companies are the ideal team to lead construction of our resort on the waterfront,” Uri Clinton, Boyd Gaming vice president and general counsel, said in a statement. “S.B. Ballard’s proven track record in this region and extensive network of subcontractors will allow us to successfully meet our development timeline, while Yates’ unparalleled experience in casino development will help us deliver a truly market-leading resort experience.”

Norfolk native Stephen B. Ballard founded S.B. Ballard Construction more than four decades ago and is its . The company provides construction management, design-build, public-private partnerships and other construction services to clients in the mid-Atlantic and Southeast regions. Its other notable projects include the Half Moone Cruise and Celebration Center in Norfolk and the ‘s arrivals parking garage.

“We are excited to join the Norfolk casino team and to help deliver a truly special project for the entire Hampton Roads community,” Ballard said in a statement.

Established in 1964, Yates is a privately held contractor with experience in gaming and hospitality projects. The firm has led casino development projects including the Borgata Hotel Casino & Spa in Atlantic City, New Jersey; the Beau Rivage Resort & Casino in Biloxi, Mississippi; and the Seminole Hard Rock Hotel & Casino Hollywood in Florida. The company previously worked with Boyd on the Treasure Chest Casino in Kenner, Louisiana, which opened in June 2024.

Yates CEO William G. Yates III said in a statement, “Time and again, Yates has seen the tremendous positive impact that a market-leading gaming resort can have on a community, and we are ready to bring that track record of success to Norfolk.”

Norfolk City Council approved a development agreement between the city, the Pamunkey Indian Tribe and Boyd Gaming in September 2024, after an earlier partnership between the tribe and Tennessee investor Jon Yarbrough faltered. The new team scrapped the original HeadWaters Resort & Casino name and held a groundbreaking ceremony for the Norfolk casino Oct. 30, 2024.

Boyd anticipates opening a temporary facility “late this year,” according to a news release, with the permanent casino resort opening in late 2027. The developers must have at least a temporary casino built and licensed by the Virginia State Lottery by November to meet the state deadline to retain the right to build a casino under the city’s 2020 casino referendum vote.

The permanent resort is set have 1,500 slot machines, 50 table games, a 200-room hotel and eight food and beverage outlets.

The Pamunkey Indian Tribe initially announced in September 2021 that it had selected construction firms Newport News-based W.M. Jordan and Boston-based Suffolk Construction.

Founded in 1975, Boyd Gaming operates 28 gaming properties in 10 states. The company also is a 5% equity owner in FanDuel Group, a sports betting operator.

Virginia currently has three casinos: the Hard Rock Hotel & Casino , the Rivers Casino and the Caesars Virginia in Danville. Another will be coming in , after more than 80% of the city’s voters said yes to its casino referendum in November 2024.

Norfolk airport adding JetBlue service in April

JetBlue will start service from International on April 30, offering seasonal daily nonstop to ‘s Logan Airport, Norfolk airport officials announced Wednesday.

The will be the ninth commercial carrier at Norfolk’s airport, and its 140-seat Airbus A220 aircraft will depart Norfolk at 6 p.m., arriving at 7:29 p.m. in Boston daily between April 30 and Oct. 25. Returning flights will leave Boston at 3:30 p.m. and arrive in Norfolk at 5:05 p.m.

“I’m regularly asked when we’ll be adding to , which speaks volumes about the airline’s strong reputation and customer loyalty,” Norfolk Airport Authority President and Mark Perryman said in a statement. “I’m excited to soon become a ‘Blue City’ and am confident this long-awaited partnership will be well-received by travelers here, as well as among New Englanders seeking to spend time in coastal Virginia and the Outer Banks beginning later this year.”

JetBlue plans to expand its routes to and from Boston this year, including the addition of daily seasonal service to Wilmington, North Carolina; Islip, New York, and Norfolk starting April 30.

Norfolk International Airport announced Monday that it recorded a third consecutive year of record-breaking passenger traffic last year, with 4.86 million passengers in 2024, up from 4.55 million in 2023. Allegiant, American, Breeze, Delta, Frontier, Southwest, Spirit and United currently offer service from the airport.

CFPB sues Capital One, claiming bank avoided paying $2B in interest

The has sued and its holding company, , alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday.

Capital One, the alleges, promised customers that its flagship 360 account provided one of the nation’s “best” and “highest” , but the bank froze the interest rate at a low level while rates rose nationwide.

Specifically, the CFPB alleges that Capital One misled consumers about “high interest” accounts, claiming Capital One Financial illegally deceived consumers and that Capital One N.A. — a national bank and wholly owned subsidiary of Capital One Financial — violated the Truth in Savings Act by falsely representing the 360 Savings accounts as providing a variable interest rate that was “one of the nation’s” “top,” “best” and “highest” and that customers would earn much more interest than with the average savings account.

Second, the CFPB alleges that Capital One “kept consumers in the dark to maintain a two-tier system,” misrepresenting to existing customers that its 360 Savings accounts would be the bank’s only high-interest savings product, despite introducing the newer 360 Performance Savings account, which had the same terms, conditions and features but a higher interest rate than 360 Savings.

While attracting new customers with 360 Performance Savings accounts and not paying existing 360 Savings customers the higher interest income they were promised, Capital One avoided paying customers more than $2 billion, the CFPB claims.

In response, Capital One noted the timing of the federal lawsuit, which comes less than a week before President-elect Donald Trump takes office Jan. 20, with new leadership and focuses at CFPB expected.

“We are deeply disappointed to see the CFPB continue its recent pattern of filing eleventh-hour lawsuits ahead of a change in administration,” the company said in a statement. “We strongly disagree with their claims and will vigorously defend ourselves in court.”

In November 2024, Elon Musk wrote in a post on the social media platform X, formerly Twitter, “Delete CFPB. There are too many duplicate regulatory agencies.” Owner of X and Tesla, Musk is one of two co-leaders of Trump’s Department of Government Efficiency.

“Capital One is proud of its unique and industry-leading 360 suite of products,” the Capital One statement continued, “all of which offer great rates, carry no fees and no minimums, and have always been available in just minutes to all new and existing customers without any of the usual industry restrictions.”

CFPB Director Rohit Chopra said in a statement: “The CFPB is suing Capital One for cheating families out of billions of dollars on their savings account. Banks should not be baiting with promises they can’t live up to.”

Capital One disclosed the CFPB investigation in an October 2024 filing.

Details of the allegations

In 2012, Capital One acquired online bank ING Direct USA for $6.3 billion in cash and approximately 54 million Capital One shares. The acquisition included its savings account product ING Direct, which, according to the CFPB, was known for having higher-than-average interest rates. In 2013, Capital One rebranded the product as 360 Savings and began offering it to the general public.

When Capital One launched 360 Performance Savings in September 2019, the company set the product’s interest rate at 1.90%, while the 360 Savings product’s interest rate was 1%, according to the CFPB complaint. Between late 2019 and late 2020, Capital One dropped the 360 Performance Savings rate to 0.40% and the 360 Savings rate to 0.30%.

From December 2020 to at least August 2024, Capital One froze the 360 Savings account rate at 0.30%, according to the CFPB, but began increasing the 360 Performance Savings account rate in early 2022. The interest rate for the latter product increased from 0.4% in April 2022 to 3.3% in January 2023 and then 4.35% in January 2024, according to the CFPB news release.

Related to the second allegation, the CFPB claims that Capital One obscured that the 360 Performance Savings accounts existed as a separate product with a higher rate from 360 Savings accountholders, by eliminating nearly all references to the 360 Savings account product on its website and replacing them with references to the 360 Performance Savings account product and forbidding employees from proactively telling 360 Savings accountholders about 360 Performance Savings accounts.

In the provided statement, a Capital One spokesperson said, “Our flagship 360 Performance Savings product was marketed widely, including on national television, with the simplest and most transparent terms in the industry. It’s why we’ve been ranked No. 1 by JD Power in Overall Customer Satisfaction among all national banks for five years in a row.”

According to a news release, “The CFPB seeks to stop Capital One’s unlawful conduct, provide redress for harmed consumers and impose civil money penalties, which would be paid into the CFPB’s victims relief fund.”

The CFPB filed a demand for jury trial with its complaint filed Tuesday in the U.S. District Court for the Eastern District of Virginia.

Additional context

Capital One 360 Savings accountholders filed a class action lawsuit against Capital One in the same court in July 2023, and claims were consolidated in June 2024, according to Forbes. A jury trial is scheduled for July, although Capital One has filed to dismiss the complaint.

Capital One has proposed acquiring Discover Financial Services for $35.3 billion, and the acquisition is pending stockholders’ votes.

Jaret Seiberg, an analyst with TD Cowen’s Washington Research Group, wrote in a policy note, “The CFPB today sued Capital One for failing to maintain a higher interest rate on its 360 Savings accounts. This dispute was well known. We do not see it impacting the Discover acquisition.”

As of 12:16 p.m., Capital One shares were trading for $181.94, up from $182.45 at market open.

Capital One Financial, along with its subsidiaries, had $353.6 billion in deposits and $486.4 billion in total assets as of Sept. 30, 2024.

Fed approves Atlantic Union-Sandy Spring bank acquisition

Richmond-based is one step closer to completing its $1.6 billion purchase of Maryland’s .

The , acting on delegated authority from the Board of Governors of the Federal Reserve System, has approved the , the parent companies of the two banks announced Tuesday.

Atlantic Union and Sandy Spring announced Oct. 21, 2024, that their parent companies had entered into a definitive merger agreement with an all-stock transaction.

The mergers remain subject to the approval of the , the Maryland Office of Financial Regulation, the shareholders of Atlantic Union and the stockholders of Sandy Spring, as well as other closing conditions. The transaction is expected to be completed by the end of the third quarter in 2025, the banks said at the time of the deal’s announcement.

Special meetings of Atlantic Union’s shareholders and Sandy Spring’s stockholders are scheduled Feb. 5.

Under the terms of the merger agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.9 shares of Atlantic Union common stock.

Based in Olney, Maryland, Sandy Spring had $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans, as of Sept. 30, 2024. It has 53 branch offices in Maryland and Northern Virginia.

Atlantic Union Bank had $24.8 billion in assets, $20.3 billion in total deposits and $18 billion in total loans, as of Sept. 30, 2024. It has 129 branches throughout Virginia and in portions of Maryland and North Carolina.

Sandy Spring also has two wealth management subsidiaries, Rembert Pendleton Jackson and West Financial Services, that will be part of the acquisition and will approximately double Atlantic Union’s wealth management business, increasing its assets under management by more than $6.5 billion.

Upon completion of the deal, Richmond-based Atlantic Union will have total deposits of $32 billion and gross loans of $29.8 billion, according to the October announcement.

will release fourth quarter and full year 2024 financial results Jan. 23.

Monday’s announcement follows Atlantic Union’s acquisition of ‘s , which was completed in April 2024.

Daniel J. Schrider, Sandy Spring’s chair, president and , and two other Sandy Spring board members will join Atlantic Union’s board upon closing of the transaction.