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Banking & Finance

Truist’s Charlie Mattox Moves To Atlantic Union Bank

By Audrey Elsberry, posted May 13, 2024
Charlie Mattox
Truist’s Wilmington market president of 22 years, Charlie Mattox, will now serve as Virginia-based Atlantic Union Bank's wholesale banking market president, the company announced Monday morning.
 
Mattox made his decision to leave Truist public in a LinkedIn post last week. He will lead Atlantic Union’s effort to establish a market in Wilmington, Mattox told the Business Journal Friday. He hopes to establish a brick-and-mortar branch and hire a team in Wilmington, he said. Mattox’s decision to leave Truist comes amid the Charlotte-based bank’s financial repositioning, which he said may have influenced his decision to leave.
 
“I'd be understating it if I said I was scared to death,” Mattox said regarding leaving Truist. “I can sit here today and say I couldn't be more excited and all of those reservations and all of those fears have melted away. And what's left is the positive opportunity that's in front of me, in front of Atlantic Union and what I hope is in front of this community as well.”
 
Atlantic Union is a commercial bank with about $24.3 billion in total assets as of December 31, 2023. Its holding company, Atlantic Union Bancshares Corporation is publicly traded on the New York Stock Exchange under the ticker symbol “AUB.” The bank has 135 branches in Virginia and portions of Maryland and North Carolina.
 
Mattox said he felt that it was the right time to make this leap in his career because he wanted to start fresh with a company that is nimble, customer-friendly and employee-friendly. It feels like an entrepreneurial opportunity, he said, because he’ll have the ability to build Atlantic Union’s Wilmington market from the ground up.
 
“Changes are always happening, and I’ve experienced a lot of changes at Truist, but I don’t really know if that’s a lot different than the changes that are going on at other institutions,” Mattox said. “Maybe (Truist’s downsizing) was a reason, but there were honestly a lot of reasons.”
 
Truist officials announced the bank would close 4% of its branch network and reduce its workforce as a part of an ongoing $750 million cost-cutting effort. Truist spokesperson Amanda Meyers told the Business Journal in March that no Wilmington branches or employees were to be included in those cuts.
 
Most recently, Truist Financial Corporation sold Truist Insurance Holdings as a part of its balance sheet repositioning, officials announced May 7. Bank officials sold $27.7 billion of lower-yielding investment securities as a part of the bailout effort.
 
Truist officials sent the Business Journal a comment in an email Monday. 

"While branches will naturally continue to open and close in different areas, we understand that in-person service and caring conversations are still important to many of our clients. That’s why we’ll continue to offer our clients access to more than 1,900 branches and 2,900 ATMs—one of the most expansive branches in the communities we serve. This includes 13 branches and 16 ATMs in the greater Wilmington area.  We continue to believe that the in-person service, financial advice, and caring conversations we provide through our branch locations help empower financial confidence and contribute to our communities.

While we don’t comment on local teammate headcounts, I can share that we’re constantly hiring in some areas and rightsizing in others. When teammates are affected, we’re committed to supporting them as they seek employment opportunities with Truist or elsewhere."
 
Mattox’s decision has been received well by his peers in Wilmington’s business community, he said. There have been many well-wishes from his professional connections throughout the transition, and 115 of Mattox’s connections posted those wishes on his LinkedIn announcement.  
 
Mattox started his career at BB&T in 2002. He later moved to Boone, then Wilmington in 2012, where his family put down roots. BB&T was later acquired by Truist in 2019. He said it was not an option to leave Wilmington once he and his family arrived here.
 
“I think the thing that I'm most excited about is to be able to really have the honor and the privilege to introduce this brand to the greater Wilmington market,” Mattox said.
 
Taking on a new market for Atlantic Union will be a challenge for Mattox, he said, even if his title remains the same. Building a market from scratch is exciting, he said. The bank is already scouting locations for its Wilmington branch. Mattox hopes his preexisting relationships with Wilmington business owners will help smooth the transition, he said.
 
He doesn’t know if any of his past clients will want to follow him to Atlantic Union, he said, but he hopes to retain some of those relationships. He also hopes to build a new client base of large and small businesses in the area.
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