Atlantic Union Bankshares Corporation (NYSE: AUB) announced its board of directors has authorized a share repurchase program allowing the company to buy back up to $250 million of its common stock through May 5, 2027.

The Richmond, Virginia-based bank holding company stated it may purchase shares periodically through open market transactions or privately negotiated deals at prevailing market prices. The repurchases may be conducted under trading plans compliant with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934.

Atlantic Union said the timing, methods, target number of shares, and price ranges for purchases will be determined at the company's discretion. The decision will depend on factors including the market price of the company's stock, share issuances under equity plans, general market conditions, legal requirements, and other considerations.

The company noted the board may modify, amend, or terminate the repurchase program at any time and provided no assurance that it will actually purchase shares under the authorization.

Atlantic Union Bankshares is the holding company for Atlantic Union Bank, which operates branches and ATMs in Virginia, Maryland, North Carolina, and Washington, D.C. The company also owns non-bank affiliates including Atlantic Union Equipment Finance, AUB Investments, and Atlantic Union Capital Markets.