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Eugene Koysman — Barclays — Analyst

<strong>Eugene Koysman</strong> — <em>Barclays — Analyst</em>

Which is fair. And that can you assist us perhaps you provide us with some color as to how your initiatives to follow the Truist customers are progressing?

John C. AsburyPresident and Ceo

Perfectly, we’ll ask Maria Tedesco, President of Atlantic Union Bank to produce some commentary. We’ve a set that is comprehensive of. Now the timing of some of these changed a little. Specific guerrilla advertising techniques for branches that will be consolidated does not actually make large amount of feeling at this point over time. Maria, would you like to talk simply with regards to higher level task, forgive me personally, i simply stated it, venture Sundown for anyone that don’t understand it, is our formally code name that is secret. So we are using the SunTrust BB&T interruption. I really hope you look at humor in Sundown.

Maria P. TedescoPresident of Atlantic Union Bank

Well, once more, we come across this being a multi-year possibility. This really is — we have been thinking about a marathon occasion with initiatives go over the next few years. But a lot of everything you see us doing is currently shutting the space of whom our type of competitive set is precisely that which we’re doing. So those would be the short-term plans, but we come across this as a plan that is offensive. This disruption is known by us, we’re ground zero because of this occasion. And a sense is had by us of what’s going to happen that’ll be troublesome to clients, that may allow it to be opportunistic for all of us. So those initiatives without engaging in much information is actually set against that which we think to end up being the timeline of disruption. And literally every company has their plan by which become unpleasant and get opportunistic.

John C. AsburyPresident and Ceo

And recognizing that this is certainly a general general public forum, we do not wish to show our hand way too much, but be assured, there was a rather robust action plan, to Maria’s point, each type of company has a rather targeted group of initiatives, and I also would reiterate this might be a multi-year interruption. This has started. This may play down for decades.

Maria P. TedescoPresident of Atlantic Union Bank

Yes. And I also think you will see most of the initiatives that individuals’ve also mentioned today with this call assistance us be a more powerful competitive positioning in the marketplace, but truly people that have certain item space.

John C. AsburyPresident and Chief Executive Officer

As well as on the commercial part, we do discreetly monitor customers me, there is a list, and it’s growing that we have won coming out of BB&T or SunTrust, and trust. We are maybe not gonna get into details, but we are having pretty success that is good away at that.

Eugene KoysmanBarclays — Analyst

That seems very good. Because of the range technology initiatives you have discussed, are you able to share us understand how much of it, you’re spending to run the bank versus innovate the bank with us what is your technology budget for the last year and for 2020 and maybe help?

John C. AsburyPresident and Ceo

Yes, I do not desire to answer the previous concern, Eugene, when it comes to a lot of specificity on precisely what we are utilizing for electronic strategy. money key In certain respects. There may be a buck price problem right right right here. But among the larger constraints for a mid-size bank like us candidly is certainly not a great deal the bucks, although that is important. It is getting the topic matter experts offered to work the task which is the solitary biggest reasons why we do not wish to accomplish a rather near-term purchase, we need them focused on laying this out because we will take this very same people offline to work on a merger conversion integration, and. Rob, could you — imagine if any such thing can you share with regards to just how much do you believe we are shelling out for brand brand new — will undoubtedly be a reasonably little part.

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Yes, i do believe incrementally you are most likely dealing with perhaps a 10% enhance year-over-year from everything we’ve generally allocated to that. Therefore incrementally, including all investments that are digital ranking Phonetic, all of the automation, the Zelles worldwide, the nCinos around the globe. Therefore I will say most likely good 10% boost in our spending plan associated with technology.

John C. AsburyPresident and Ceo

After which beyond technology budget by itself you need to think holistically. I am taking a look at Kelly Dakin now whom’s mind of Digital Strategy and Customer Enjoy. Kelly, how people that are many your group now today?

Kelly DakinChief Digital and Chief Customer Enjoy Officer

There clearly was 17 individuals that support strategy that is digital another three that support client experience.

John C. AsburyPresident and Ceo

So when i acquired right right here it had been most likely 1.5 you have been right right here just under a year, and exactly how much you wandered into?

Kelly DakinChief Digital and Chief Customer Enjoy Officer

We wandered in, there was clearly about four individuals.

John C. AsburyPresident and Ceo

About four. Generally there you are going. So it is individuals also who’re focusing on these initiatives. And you may expect you’ll see in the electronic strategy part, that the concept is always to have basically a quarterly launch routine. And thus there clearly was an idea that is out for a lengthy, number of years, with regards to the schedule of things you should do, sets from constant improvements towards the mobile banking suite of offerings, brand new product initiatives, a number of this should be modulated. Whenever we were in an increased price environment, honestly we’d be doing significantly more than we are going to do at this time. But we are going to look at plain items that need to complete. I’m very sorry, Eugene there is probably which is much quality once we’re ready to share publicly.

Eugene KoysmanBarclays — Analyst

This is really very useful, many thanks truly.

William P. CiminoSenior Vice President and Director of Investor Relations

Many thanks, Gene and many many many thanks everyone else for calling in today. As being a reminder, we are going to have a replay available on our Investor internet site investors. Atlanticunionbank.com. We look ahead to speaking with you the following month. Have day that is good.

Operator

Operator Closing Remarks

Duration: 67 moments

Phone individuals:

William P. CiminoSenior Vice President and Director of Investor Relations

John C. AsburyPresident and Ceo

Robert Michael GormanExecutive Vice President and Chief Financial Officer

Shawn E. O’BrienExecutive Vice President and Customer Banking Group Executive

David V. RingExecutive Vice President and Commercial Banking Group Executive

Maria P. TedescoPresident of Atlantic Union Bank

Kelly DakinChief Digital and Chief Customer Enjoy Officer

Casey Orr WhitmanPiper Sandler — Analyst

Catherine MealorKeefe Bruyette & Woods — Analyst

William WallaceRaymond James — Analyst

Brody PrestonStephens Inc — Analyst

Laurie HunsickerCompass Aim — Analyst

Eugene KoysmanBarclays — Analyst

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