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Atlantic Union Bankshares Corporation (NYSE: AUB) |
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Description of Atlantic Union Bankshares's Business Segments
Atlantic Union Bankshares Corporation is a diversified financial services institution that offers comprehensive banking, wealth management, and mortgage banking solutions tailored to the needs of both individual and commercial clients. Below is an extensive overview of their segments, products, and services:
Segments:
1. Personal Banking:
This segment is designed to meet the financial needs of individual customers. Atlantic Union Bank provides a wide range of products and services aimed at helping customers manage their personal finances effectively. Offerings include:
- Checking Accounts: Multiple options catering to various needs, including interest-bearing accounts and accounts geared towards students or seniors.
- Savings Accounts: Standard savings accounts as well as higher-yield options, which encourage customers to save effectively.
- Personal Loans: These include personal unsecured loans, auto loans, and loans secured by home equity.
- Credit Cards: An array of credit card options such as Visa Platinum Rewards for cashback and travel perks, Visa College Rewards aimed at students, and secured credit cards for customers looking to build or rebuild their credit.
- Certificates of Deposit (CDs): This includes traditional and promotional CDs with various terms and interest rates that help customers maximize their savings through higher yields.
2. Commercial Banking:
Atlantic Union Bank provides businesses with a suite of banking solutions to assist in operations, growth, and financial management. Key offerings include:
- Commercial Accounts: Business checking and savings accounts designed for small businesses to large enterprises, offering features like transaction management and cash flow support.
- Loans and Credit Facilities: Options such as business loans, lines of credit for short-term financing, and loans for equipment purchases or commercial real estate investments.
- Cash Management Services: These services include Automated Clearing House (ACH) services for electronic payments, merchant services for credit card processing, and remote deposit capture for convenient banking.
- Payment Solutions: Tools and services aimed to streamline payment processes for businesses, ensuring efficient cash flow management.
3. Wealth Management:
This segment focuses on assisting clients in managing and growing their wealth through tailored strategies. Services encompass:
- Investment Management: Professional management of investment portfolios tailored to individual risk tolerances and goals.
- Retirement Planning: Strategic planning for retirement to maximize savings and prepare for future financial needs.
- Trust and Estate Planning: Services that guide clients through complex estate issues, helping to create comprehensive estate plans to secure their legacy.
- Philanthropic Services: Assistance in establishing charitable foundations or funds, ensuring that clients can give back in a structured and meaningful way.
4. Mortgage Banking:
This segment specializes in providing mortgage-related products aimed at supporting home financing. Services include:
- Mortgage Lending: A range of home loan options for purchasing homes, including conventional loans, FHA loans, and VA loans.
- Refinancing Options: Services to help existing homeowners lower their monthly payments, adjust their mortgage terms, or access equity through refinancing.
- Home Equity Loans: These products allow homeowners to borrow against their home's equity for renovations, debt consolidation, or major expenses.
- Jumbo Loans: For properties exceeding conventional loan limits, providing financing options for high-value real estate.
Products:
- Personal Accounts: Checking, savings, money market accounts, and CDs.
- Credit Cards: Including various reward programs tailored to personal spending habits.
- Personal Loans: Auto loans, unsecured personal loans, and HELOCs.
- Commercial Accounts: Business checking, savings, money market accounts, and CDs.
- Commercial Loans: Business loans, lines of credit, equipment loans, and real estate financing.
- Cash Management Services: Including ACH transactions, merchant services, and remote deposit capture.
- Wealth Management Solutions: Investment management, retirement planning, and estate planning services.
- Mortgage Products: Purchase and refinance loans, home equity loans, and jumbo mortgage solutions.
Services:
1. Online and Mobile Banking:
A user-friendly digital platform that allows for easy account management, bill payments, and fund transfers.
2. ATM and Debit Cards:
Providing easy access to cash and enabling transaction capabilities at millions of locations nationally and internationally.
3. 24/7 Customer Contact Center:
Access to a dedicated support team for inquiries, troubleshooting, and banking assistance.
4. Financial Planning:
Personalized financial planning services available through the wealth management division to help individuals chart their financial course.
5. Trust and Estate Planning:
Comprehensive services that include will creation, trust formation, and the establishment of powers of attorney to ensure clients' wishes are honored.
In summary, Atlantic Union Bankshares Corporation offers a robust array of financial products and services across personal banking, commercial banking, wealth management, and mortgage solutions, designed to provide exceptional value and meet the diverse needs of their customers. The institution emphasizes customer service and support, with built-in capabilities to handle the financial complexities faced by both individuals and businesses alike.
Composition of Atlantic Union Bankshares Corporation Revenues by
Segments |
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| Wholesale Banking |
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 5.02 % |
of total Revenue |
| Consumer Banking |
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7.33 % |
of total Revenue |
| Corporate Other |
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3.63 % |
of total Revenue |
Q3 three months ended (Sep 30 2024)
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| Revenues by Business Segments |
Revenues
(in millions $) |
%
(of total Revenues) |
| Wholesale Banking |
10.77 |
5.02 % |
| Consumer Banking |
15.72 |
7.33 % |
| Corporate Other |
7.79 |
3.63 % |
| Total |
214.62 |
100 % |
Q3 three months ended (Sep 30 2024)
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| Revenue Growth rates by Segment |
Y/Y Revenue
% |
Q/Q Revenue
% |
| Wholesale Banking |
13.78 % |
- |
| Consumer Banking |
14.57 % |
- |
| Corporate Other |
99.59 % |
- |
| Total |
23.31 % |
15.02 % |
Q3 three months ended (Sep 30 2024)
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| Income by Business Segments |
Income
(in millions $) |
%
(Profit Margin) |
| Total |
76.42 |
35.61 % |
Q3 three months ended (Sep 30 2024)
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| Income Growth rates by Segment |
Y/Y Income
% |
Q/Q Income
% |
| Total |
41.46 % |
203.7 % |
Annual Report on Atlantic Union Bankshares Corporation Divisions, Sales by Country |
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| Wholesale Banking |
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5.84 % |
of total Revenue |
| Consumer Banking |
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7.73 % |
of total Revenue |
| Corporate Other |
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1.92 % |
of total Revenue |
Twelve months ended 2024
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| AUB s Annual Revenue by Geography and Business Segments |
Sales
(in millions $) |
%
(of total Sales) |
| Wholesale Banking |
44.81 |
5.84 % |
| Consumer Banking |
59.34 |
7.73 % |
| Corporate Other |
14.72 |
1.92 % |
| Total |
767.33 |
100 % |
Twelve months ended 2024
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| AUB s Annual Income by Country and Business Segments |
Income
(in millions $) |
%
(Profit Margin) |
| Total |
209.13 |
27.25 % |
Twelve months ended 2024
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| Annual Revenue and Income Growth by Country and Business Segments |
% Y/Y Sales Growth |
% Y/Y Income Growth |
| Wholesale Banking |
21.8 % |
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| Consumer Banking |
15.57 % |
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| Corporate Other |
-50.26 % |
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