Teton Capital said to stir for changes at Atlantic Union Bank | Company Business News

(Bloomberg) – The investment fund of financier David Sokol has a stake in the Atlantic Union Bankshares Corp. and forced the US regional bank to consider cutting costs, shrinking its board and reviewing its executive compensation, according to people who are familiar with the case. Teton Capital – managed by the former Berkshire Hathaway Inc. CEO – has a stake of less than 5% in the Atlantic Union, said the people who asked not to be identified because the details were not public. Sokol, once considered a potential successor Warren Buffett, has been critical of the performance of Atlantic Union since announcing a $ 1.6 billion purchase last year from Sandy Spring Bancorp, and considered it an expensive effort in a new area that does not produce good results, people said. Sokol wants Atlantic Union to consider its 14 Director Council, people said. He believes that it should also evaluate all overhead expenses to cut costs and to align his executive compensation with stock performance, they said. Representatives from Teton Capital and Atlantic Union declined to comment. Atlantic Union closed 2% on Friday in New York trading, which gave Richmond company, Virginia, a market value of about $ 4.4 billion. Atlantic Union’s shares dropped about 19% this year. The bank added three members this year after closing the Sandy Spring acquisition. According to a regulatory filing, more than 95% of Atlantic Union shareholders were supported. The bank also added two additional management members via its purchase from the All-Stock last year from American National Bankshares. Sokol supervised