On Atlantic Union Bankshares Corp.'s third-quarter earnings call, management updated investors and equity analysts on "Project Sundown," its strategy for capitalizing on the fallout from BB&T and SunTrust's blockbuster tie-up that created Truist Financial Corp., and how the recent wave of regional bank M&A is expanding the targeted strategy.

"It started out as sort of the Truist target, but we've widened it because there's several opportunities in our market with this consolidation happening with other banks and mergers," Atlantic Union Bank President Maria Tedesco said on the call. "The program really is designed to acquire consumer and business market share from these competitors given the disruption that we've seen in the market."

When Truist closed over 30 branches in Atlantic Union markets in March, the Richmond, Va.-based company ramped up its marketing and saw a 28% increase in new checking accounts that month, according to Tedesco.

"That campaign included media, digital advertising, feet on the street, really guerrilla warfare kind of marketing," she said. "This fall, we've seen the same thing happening. So we go in and out of the market depending on what's happening at that time."

Tedesco said they are aware of an additional 40 branch closures from Truist coming next year.

"We're going to expect to institute the exact same program at that time, and we expect very strong results as well," she said.