Atlantic Union Bankshares announced plans Thursday to construct 10 branches in North Carolina over the next three years, ramping up its Carolinas growth strategy. The Richmond-based company is adding bankers in the Tar Heel State in the meantime.

"There's very positive momentum there," Executive Vice President David Ring said Thursday on a conference call with analysts. "What we like about North Carolina is [that] it is a real active market. You can drive down any highway and see multiple manufacturing and distribution facilities. We've placed a lot of talent in that market to go after that business."

Other banks have done the same. Indeed, the Carolinas have emerged as a magnet for out-of-state banks in recent years, as Huntington Bancshares in Columbus, Ohio, Pittsburgh-based PNC Financial Services Group and F.N.B. Corp, also headquartered in Pittsburgh, have made big investments in the region.

While the $37.1 billion-asset Atlantic Union's footprint includes Maryland, the District of Columbia and Virginia, the Carolinas are "arguably the best of the growth markets where we have a physical presence," CEO John Asbury said on the conference call.

Atlantic Union currently operates 11 branches in North Carolina. The expansion plan envisions seven new locations in Raleigh and three in Wilmington, plus the installation of 49 off-site automatic teller machines.

One strategy that has apparently been pushed to the back burner is acquisitions. As Atlantic Union bids for growth to the south, it's also determined to prove its $1.3 billion acquisition of Sandy Spring Bank in Maryland was worth the price.

"To some extent, we're a show-me story," Asbury told American Banker last week. "Now we need to demonstrate the power of the franchise."

"We don't need to do any more mergers any time soon," Asbury added. "I think we will be an organic story, certainly through 2026."

Atlantic Union completed the integration of Sandy Spring over the Columbus Day weekend, closing the books on a transaction that fulfills a strategic vision Asbury spent nearly a decade pursuing.

The deal locked into place a mid-Atlantic franchise stretching from Baltimore to Raleigh. Asbury, who has led Atlantic Union since January 2017, calls that region the "golden crescent."