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RICHMOND, Va. - Atlantic Union Bankshares Corporation (NYSE:AUB), currently valued at $2.21 billion in market capitalization, announced today that Robert M. Gorman, its executive vice president and chief financial officer, is set to retire on or before March 31, 2026. Gorman will remain in his current roles until his successor is appointed or until his retirement date arrives. To ensure a smooth transition, he will serve in an advisory capacity following the successor’s appointment.
Gorman has been with Atlantic Union since 2012, contributing significantly to the bank’s expansion. Under his financial leadership, the bank has grown from a $4 billion asset community bank to a nearly $40 billion asset regional banking leader in the lower Mid-Atlantic. According to InvestingPro data, the bank has achieved impressive revenue growth of 16.62% in the last twelve months, though its stock has faced challenges with a 30.29% decline over the past six months.
Atlantic Union has commenced a comprehensive search for Gorman’s replacement, employing a top executive search firm to consider both internal and external candidates. The company’s CEO, John Asbury, commended Gorman for his dedication and leadership, which have been pivotal in Atlantic Union’s market success and in delivering value to shareholders. Under their leadership, the bank has maintained dividend payments for 32 consecutive years and raised dividends for 14 straight years, as revealed by InvestingPro analysis.
Gorman expressed his gratitude for the opportunity to work with the bank’s team and leadership, highlighting the bank’s achievements and its strong position for ongoing growth and shareholder value creation.
Atlantic Union Bankshares Corporation is the holding company for Atlantic Union Bank, which operates branches and ATMs across Virginia, Maryland, and parts of North Carolina. The corporation also includes non-bank financial services affiliates offering equipment financing, brokerage services, and insurance products.
This announcement is based on a press release statement from Atlantic Union Bankshares Corporation.
In other recent news, Atlantic Union Bankshares reported its first-quarter 2025 earnings, revealing a miss on earnings per share (EPS) expectations. The company reported an EPS of $0.57, compared to the forecasted $0.72, and revenue fell short at $217.19 million against a forecast of $221.4 million. Despite these setbacks, Atlantic Union completed the acquisition of Sandy Spring Bancorp, expanding its geographic footprint across Maryland, Virginia, and North Carolina. The acquisition is expected to enhance the bank’s presence in the Mid-Atlantic region. Jefferies initiated coverage on Atlantic Union with a Buy rating and a price target of $37.00, citing the bank’s strong credit quality and potential for margin expansion as key factors. Raymond James maintained its Outperform rating with the same price target, acknowledging mixed results due to elevated expenses and increased loan loss reserves. Meanwhile, Atlantic Union appointed Bradley S. Haun as the new chief risk officer, succeeding Sherry Williams, who will retire in 2025. This leadership change reflects a strategic move to strengthen the bank’s risk management functions.
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