Banking | Finance 2024: JOHN C. ASBURY

In April, Atlantic Union Bankshares, the holding company for Atlantic Union Bank, completed its acquisition of Danville-based American National Bankshares, parent company of American National Bank and Trust — a transaction valued at about $507 million.

The combined bank has $24.3 billion in total assets, $19.4 billion in deposits and $17.9 billion in total loans, based on unadjusted records from Dec. 31, 2023.

The merger is a prime example of the trend of community banks merging to compete in today’s economy, which Asbury has spoken about extensively.

On the negative side of the ledger, the Consumer Financial Protection Bureau fined Atlantic Union in December 2023 for illegally enrolling thousands of customers in checking account overdraft programs between 2017 and 2020. The bank was ordered to refund at least $5 million in overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund. The bank did not admit any wrongdoing under the settlement, and Asbury said he disagreed with the bureau’s conclusions. 

With more than 35 years of experience in banking, Asbury has led Atlantic Union since 2016. In October 2023, the American Bankers Association named Asbury its chair-elect.