Teton Capital Said to Agitate for Changes at Atlantic Union Bank

Financier David Sokol’s investment fund has taken a stake in Atlantic Union Bankshares Corp. and is pushing the US regional bank to consider cutting costs, shrinking its board and overhauling its executive compensation, according to people familiar with the matter.

Teton Capital — run by the former Berkshire Hathaway Inc. executive — holds a less than 5% stake in Atlantic Union, said the people, who asked to not be identified because the details aren’t public.

Sokol, who was once considered a potential successor Warren Buffett, has been critical of Atlantic Union’s performance since announcing a $1.6 billion purchase ...