Joel R. Shephard, a director at Atlantic Union Bankshares Corp, has reported a transaction involving phantom stock. On October 1, 2026, Shephard acquired 527 shares at a price of $37.95 each. This transaction is significant as it underscores the ongoing compensation strategies employed within the banking industry.
Atlantic Union Bankshares Corp operates under the SIC classification of state commercial banks. The company is based in Glen Allen, Virginia, and has undergone several name changes in its history, previously known as Union Bankshares Corp and Union First Market Bankshares Corp.
According to the recent SEC filing (accession number 0001207858-26-000007), Shephard's transaction reflects his ownership of phantom stock, which is the economic equivalent of common stock. The filing states, "Each share of phantom stock is the economic equivalent of one share of common stock." Following this transaction, Shephard owns approximately 4,565.958 shares of common stock.
This update may affect the perception of Atlantic Union Bankshares among investors, especially regarding its executive compensation practices. The filing highlights the company's commitment to its non-qualified deferred compensation plan, which allows executives to receive distributions in cash or common stock.
The filing does not say what happens next.
Details of the Transaction
Shephard's acquisition of 527 shares of phantom stock is classified under the transaction code 'A', indicating an acquisition. The transaction was executed at a price of $37.95 per share, reflecting the market closing price on the last trading day before the transaction date.
Following this transaction, Shephard's total ownership of phantom stock amounts to approximately 4,565.958 shares, which are held in a non-qualified deferred compensation plan. The filing specifies that the shares of phantom stock become payable in cash or common stock at the time elected by the reporting person, emphasizing the flexibility offered to executives in managing their compensation.
The filing notes, "Each share of phantom stock is the economic equivalent of one share of common stock," highlighting the financial significance of this type of compensation.
Company Background
Atlantic Union Bankshares Corp, incorporated in Virginia, operates under the Central Index Key (CIK) number 0000883948. The company has a fiscal year ending on December 31st and has a business address at 4300 Cox Road, Glen Allen, VA 23060. The company has undergone several name changes, with its most recent transition from Union Bankshares Corp occurring on April 30, 2014.
As a state commercial bank, Atlantic Union Bankshares is positioned within a competitive financial services market, and the company's executive compensation strategies, including the use of phantom stock, may play a crucial role in attracting and retaining top talent.