Atlantic Union closes $2B CRE loan sale to Blackstone; price in low 90s of par

Atlantic Union Bankshares Corp

Sold ~$2B performing CRE loans acquired from Sandy Spring Bank to Blackstone Real Estate Debt Strategies.
Loan pool sold in low 90s as percentage of par value; Bank retains customer-facing servicing.
Proceeds to pay down high-cost deposits/funds and add to securities portfolio.
Sale reduces CRE concentration and frees capacity for future growth per CEO John Asbury.
Blackstone has acquired $20B of CRE loan portfolios in last 24 months.

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