RICHMOND, Va. — Virginia’s fourth-largest bank is merging with a competitor less than half its size.

Atlantic Union Bank announced this week that it has reached an agreement to acquire American National Bank. The move pushes Atlantic Union’s value to nearly 24 billion dollars.

While C-E-O John Asbury did not say how many jobs will be cut as a result of the merger, he added that the rise of digital banking means that fewer employees are required.

Atlantic Union has the naming rights to the arena that serves as the home of James Madison University basketball.