Atlantic Union Bank Prepares for New Era as Credit Chief Doug Woolley Retires

RICHMOND, VA – June 03, 2026

Atlantic Union Bank announced today that Doug Woolley, its long-serving Executive Vice President and Chief Credit Officer, plans to retire effective April 1, 2027, setting the stage for a significant leadership transition at Virginia’s largest regional bank. The move concludes a tenure of over 21 years, during which Woolley was instrumental in shaping the institution's conservative credit culture and steering it through periods of substantial growth and economic turbulence.

The bank has initiated a nationwide search for his successor, engaging an executive search firm to evaluate both internal and external candidates. Woolley, 68, will remain in his role until a new CCO is appointed or his retirement date arrives, ensuring a stable handover of one of the most critical functions in banking: managing risk.

“Doug has been a valued member of our executive team and a trusted leader across Atlantic Union Bank,” said John C. Asbury, the bank’s chief executive officer. “Over the course of his career with the bank, he has helped build a strong credit culture and has provided steady leadership and sound judgment through periods of significant growth and change. We are grateful for his many contributions and wish him all the best upon his retirement.”

A Legacy of Credit Discipline

Woolley’s impact is deeply embedded in Atlantic Union's corporate identity, which prioritizes “soundness, profitability, and growth – in that order.” As CCO since 2016—a role he also held earlier in his career at the bank—he has been the chief architect and guardian of the bank’s credit discipline. His leadership has been a steady hand guiding the bank’s nearly $38 billion asset portfolio, a task that became increasingly complex as the bank expanded its footprint across the Mid-Atlantic.

Under his oversight, the bank has consistently reported strong asset quality, a testament to its disciplined underwriting. Recent financial disclosures underscore this performance. In the first quarter of 2026, net charge-offs stood at a remarkably low 0.02% of average loans, a figure that demonstrates a well-managed loan book even amidst broader economic uncertainty. Similarly, nonperforming assets have remained well-contained, showcasing a proactive approach to risk management that has become Woolley’s hallmark.

This track record was not achieved by accident. It reflects a deeply ingrained institutional focus on credit quality that Woolley championed. In a statement, Woolley reflected on his time at the bank: “It has been a privilege to be part of Atlantic Union Bank for more than two decades. I am proud of what we have accomplished together and grateful for the opportunity to work alongside such a talented group of teammates. I look forward to supporting a smooth transition in the months ahead.”

Navigating Growth and Consolidation

Woolley’s tenure as CCO coincided with a transformative period for Atlantic Union Bank. The institution has pursued an aggressive but disciplined growth strategy, marked by key acquisitions that have significantly expanded its scale and market presence. The recent integrations of American National Bankshares in April 2024 and Sandy Spring Bancorp have been pivotal, adding billions in assets, deposits, and loans.

Successfully merging the credit portfolios and risk cultures of acquired banks is a monumental challenge. Woolley’s experience was critical in ensuring that as Atlantic Union grew, its foundational commitment to soundness was not diluted. He provided the steady oversight needed to integrate new assets without compromising the bank’s risk profile, a crucial factor in maintaining investor confidence and regulatory approval during its expansion.

This ability to manage risk through growth is perhaps the most significant part of his legacy. While some banks falter during rapid expansion, Atlantic Union has managed to increase its asset base to over $37 billion while keeping credit metrics strong, positioning it as a dominant and stable player in the regional banking landscape.

The Search for a Successor

The announcement kicks off a crucial search for a new leader who can both honor this legacy and adapt to a rapidly evolving financial world. The bank’s decision to conduct a nationwide search signals its intent to find the best possible candidate, whether from its own internal talent pool or from the broader industry. The challenge for the board and CEO Asbury will be to find a successor who not only possesses deep technical expertise in credit risk but also aligns with the bank’s established, conservative culture.

The next CCO will inherit a solid foundation but will face a new set of challenges. The industry is grappling with a “higher for longer” interest rate environment, heightened regulatory scrutiny on commercial real estate (CRE) portfolios, and the relentless advance of financial technology. The new leader must be adept at navigating these headwinds while supporting the bank’s strategic ambitions, which include achieving 6-8% loan volume growth and expanding non-interest income streams.

Market observers note that the transition is a pivotal moment. The new CCO will need to balance the preservation of Woolley’s disciplined approach with the agility required to seize opportunities in a competitive market. The bank’s strong capital position, evidenced by a recent $250 million share repurchase authorization and a Common Equity Tier 1 (CET1) ratio above 10%, provides a significant advantage, giving the new leadership ample capacity to pursue strategic goals.

The search will be closely watched by investors and analysts, as the choice of a new CCO will offer a clear signal about the future direction of Atlantic Union Bank’s risk appetite and growth strategy.