<SEC-DOCUMENT>0001104659-20-068995.txt : 20200602
<SEC-HEADER>0001104659-20-068995.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602164425
ACCESSION NUMBER:		0001104659-20-068995
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Atlantic Union Bankshares Corp
		CENTRAL INDEX KEY:			0000883948
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				540412820
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-220398
		FILM NUMBER:		20937708

	BUSINESS ADDRESS:	
		STREET 1:		1051 EAST CARY STREET
		STREET 2:		SUITE 1200
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23219
		BUSINESS PHONE:		800-990-4828

	MAIL ADDRESS:	
		STREET 1:		1051 EAST CARY STREET
		STREET 2:		SUITE 1200
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Union Bankshares Corp
		DATE OF NAME CHANGE:	20140430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNION FIRST MARKET BANKSHARES CORP
		DATE OF NAME CHANGE:	20140424

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Union Bankshares Corp
		DATE OF NAME CHANGE:	20140424

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Atlantic Union Bankshares Corp
		CENTRAL INDEX KEY:			0000883948
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				540412820
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1051 EAST CARY STREET
		STREET 2:		SUITE 1200
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23219
		BUSINESS PHONE:		800-990-4828

	MAIL ADDRESS:	
		STREET 1:		1051 EAST CARY STREET
		STREET 2:		SUITE 1200
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Union Bankshares Corp
		DATE OF NAME CHANGE:	20140430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNION FIRST MARKET BANKSHARES CORP
		DATE OF NAME CHANGE:	20140424

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Union Bankshares Corp
		DATE OF NAME CHANGE:	20140424
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2021570d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PRICING TERM SHEET</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-220398</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June&nbsp;2, 2020</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ATLANTIC UNION BANKSHARES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,000,000 Depositary Shares<BR>
Each representing a 1/400<SUP>th</SUP> interest in a share of<BR>
6.875% Perpetual Non-Cumulative Preferred Shares, Series A, par value $10.00 per share<BR>
(Liquidation Preference $10,000.00 Per Preferred Share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; width: 34%; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; width: 66%; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Atlantic Union Bankshares Corporation&nbsp;&nbsp;(the &ldquo;Company&rdquo;)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Security Type:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Depositary Shares (&ldquo;Depositary Shares&rdquo;), each representing a 1/400<SUP>th</SUP> interest in a share of the Company&rsquo;s 6.875% Perpetual Non-Cumulative Preferred Shares, Series A, par value $10.00 per share (&ldquo;Preferred Shares&rdquo;), liquidation preference of $10,000.00 per Preferred Share (equivalent to $25 per Depositary Share)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Size:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">6,000,000
    Depositary Shares ($150,000,000 aggregate liquidation preference); or 6,900,000 Depositary Shares
    ($172,500,000 aggregate liquidation preference) if the underwriters exercise their option to purchase
    additional Depositary Shares in full</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Option to Purchase Additional Shares:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Up
    to 900,000 additional Depositary Shares</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">June&nbsp;2, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Settlement Date*:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">June&nbsp;9, 2020 (T+5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Maturity:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Perpetual</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Liquidation Preference:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">$10,000 per Preferred Share (equivalent to $25 per Depositary Share)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"> <FONT STYLE="font-size: 10pt">Ratings**:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">BBB- (Kroll)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Dividend Payment Dates:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commencing on September 1, 2020, quarterly in arrears on the
        first day of March, June, September and December of each year, only when, as and if declared</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the payment of any dividends on the Preferred Shares, holders
        of Depositary Shares will receive a proportionate payment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: top; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Dividend Rate (Non-Cumulative):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.875% per annum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt; width: 34%"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt; width: 66%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">On and after September 1, 2025, the Preferred Shares represented by the Depositary Shares will be redeemable at the Company&rsquo;s option, in whole or in part, from time to time, on any dividend payment date at a redemption price equal to $10,000 per Preferred Share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">At
any time within 90 days following a regulatory capital treatment event (as defined in the preliminary prospectus supplement dated
June 2, 2020), the Preferred Shares represented by the Depositary Shares will be redeemable at the Company&rsquo;s option, in
whole but not in part, at a redemption price equal to $10,000 per Preferred Share (equivalent to $25 per Depositary Share), plus
any declared and unpaid dividends</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Any redemption of the Preferred Shares is subject to the Company&rsquo;s receipt of any required
prior approval by the Board of Governors of the Federal Reserve System (the &ldquo;Federal Reserve&rdquo;) and to the satisfaction
of any conditions set forth in the capital guidelines or regulations of the Federal Reserve applicable to redemption of the Preferred
Shares</P></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Public Offering Price:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">$25 per Depositary Share</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Underwriting Discounts***:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">$0.7875
per Depositary Share</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Proceeds to the Company, before expenses***:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">$145,275,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Expected Listing:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">The Company has applied to list the Depositary Shares on the Nasdaq Global Select Market under the symbol &ldquo;AUBAP&rdquo;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">04911A 206 / US04911A2069 </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; vertical-align: bottom; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">The Company intends to use the net proceeds from the sale of the Depositary Shares for general corporate purposes in the ordinary course of our business. General corporate purposes may include repayment of debt, loan funding, acquisitions, additions to working capital, capital expenditures and investments in the Company&rsquo;s subsidiaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; padding-bottom: 3.4pt"><FONT STYLE="font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3.8pt; padding-bottom: 3.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keefe, Bruyette &amp; Woods, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James &amp; Associates, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Piper Sandler &amp; Co.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Note: The underwriters expect to deliver the depositary shares
in book-entry form only through the facilities of The Depository Trust Company and its participants, including Euroclear System
and Clearstream Banking, S.A. on or about June 9, 2020, which is the fifth business day following the date of the pricing of the
depositary shares. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally
are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers
who wish to trade depositary shares on any date prior to the second business day before delivery will be required by virtue of
the fact that the depositary shares initially will settle in five business days to specify alternative settlement arrangements
to prevent a failed settlement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">***Note: This assumes no exercise of the underwriters&rsquo;
option to purchase additional Depositary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has filed a registration statement (including a
preliminary prospectus supplement and a prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission
(SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this
offering, the Company&rsquo;s prospectus in that registration statement and any other documents the Company has filed with the
SEC for more complete information about the Company and this offering. You may get these documents for free by searching the SEC
online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling Morgan Stanley &amp;
Co. LLC at 1-866-718-1649; by calling BofA Securities, Inc. at 800-294-1322; by calling Keefe, Bruyette &amp; Woods, Inc. at 1-800-966-1559;
by calling Raymond James &amp; Associates, Inc. at 800-248-8863; by calling RBC Capital Markets, LLC at 1-866-375-6829; by calling
UBS Securities LLC at 888-827-7275; or by emailing Piper Sandler &amp; Co. at fsg-dcm@psc.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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