Chamber Blog

John Stallings named president of Union Bank & Trust after leaving SunTrust

September 6, 2017
  • By CAROL HAZARD Richmond Times-Dispatch

     

    Veteran banker John Stallings Jr. has been named president of Richmond-based Union Bank & Trust, the bank announced Tuesday.

    Stallings, who resigned last week as Virginia division president of SunTrust Banks Inc., will oversee the day-to-day operations of Union Bank & Trust.

    In that role, effective Sept. 29, he will be in charge of the bank’s 111 branch offices in Virginia as well as commercial and retail banking, wealth management, mortgage, marketing and digital strategy.

    “The opportunity to lead all four business segments aligns perfectly with my background,” Stallings said. “I am confident we can move even faster on a path toward greater growth and success.”

    Stallings, 50, will assume the presidency from John C. Asbury, who will retain his title as CEO of Union Bank & Trust as well as his position as president and CEO of Union Bankshares Corp., the Richmond-based holding company that owns the bank.

    With Stallings’ focus on the operational side, Asbury, 52, will focus more on strategy as the bank positions itself to become the first Virginia-based regional powerhouse in decades.

    By industry standards, Union has a young and energetic leadership team, Asbury said. “We have the leadership to execute that growth — and John completes that picture.”

    “He has a deep connection to the region, operational expertise and a proven record of success leading a multi-business strategy at banks in Virginia, Tennessee and the Carolinas,” Asbury said.

    Union’s pending Jan. 1 acquisition of Richmond-based Xenith Bankshares Inc. will push it over the $10 billion asset threshold, subjecting it to more regulations, but also allowing for a growth trajectory.

    “We certainly have a lot of room to run in Virginia, but we also have opportunity for entry points in North Carolina,” Asbury said.

    Asbury said he expects to see continuing consolidation in the banking industry, which will allow for even more potential growth. The bank will look for what he called “infill acquisitions,” where Union can buy small banks and expand its presence.

    Adding Stallings to the executive team is part of the overall strategy, he said.

    Stallings had been in Richmond for the past seven years, spending the last four years leading the Virginia team for Atlanta-based SunTrust. During his first three years here, he headed SunTrust’s Mid-Atlantic division, which included Virginia and parts of North Carolina.

    Before that, he was president of the central Carolina region for SunTrust in Durham, N.C. He was head of retail banking for Memphis, Tenn.-based National Commerce Financial Corp. prior to its acquisition in 2004 by SunTrust.

    While at National Commerce, Stallings helped start Richmond-based First Market Bank, which was affiliated with Ukrop’s Super Markets Inc. National Commerce owned part of First Market Bank, which was merged with Union Bankshares in 2010.

    Stallings has been in banking for 27 years, starting at National Commerce directly out of college. He received a bachelor of arts degree from Vanderbilt University in 1988 and took a two-year break in his career to earn a masters in business administration from Washington University in St. Louis in 1993.