Investing with VCDC: Q&A with Jessica Clarke at Atlantic Union Bank
Jessica Clarke, Corporate Treasury Manager at Atlantic Union Bank, has worked with VCDC to deliver responsible and impact-driven financing to affordable housing for over 16 years. Her partnership with us has helped us continue to create impactful equity funds each year that benefit communities and neighborhoods across Virginia and West Virginia.
We asked Jessica to share reflections on her career in community investing and working with VCDC and our Equity Funds.
Tell us about your experience with Atlantic Union Bank and the communities you serve. What made you want to go into banking?
After earning a bachelor of arts degree in history, my entire career has been in finance. I lucked into banking after my previous employer declared bankruptcy and laid off 40,000 employees nationwide. I had some specific skills that Atlantic Union Bank was looking for, and I’ve now been there more than 15 years. I’ve been making CRA investments all of that time.
Atlantic Union Bank keeps growing its community! We now have branches in Virginia, North Carolina, Maryland and the District of Columbia (some of those branches will change their name from Sandy Spring Bank to Atlantic Union Bank in October 2025). We serve urban and rural markets and everything in between. We provide banking services to consumers and businesses. And we are committed to lending, investing, and volunteering in as many of these communities as we can!
In your opinion, what are the benefits of investing in low-income communities? What do you want people to know about LIHTC that they might not know?
While the affordable housing helps the residents in an obvious way, it has perhaps less obvious benefits for the community as a whole. Looking at the big picture, we all want a number of things for our communities: educational success for children, workforce training/preparation for adults, positive health outcomes, crime-free neighborhoods, a strong labor force. All of these are aided by people having a secure, safe, affordable place to live. Affordable housing can stabilize a population in a neighborhood, sometimes re-uses vacant or run-down spaces, supports construction job opportunities, supports recruitment for teachers and first responders, and provides a foundation for future growth in the community’s tax base.
LIHTC enjoys broad, bipartisan support at the Federal level but is allocated at the state level. Real estate projects must compete for available credits. Many housing communities provide services to residents – everything from financial counseling to bringing in fresh produce to social activities. Some beneficiaries are families with children, some are adults living with special needs, and some are elderly.
Atlantic Union Bank has invested with VCDC for a long time. In your opinion, what are the benefits of fostering and maintaining a relationship with VCDC?
I really value VCDC’s work with smaller or less experienced developers that want to bring a project to life. VCDC’s team can provide tremendous expertise, guidance, and support to these organizations to ensure that a wide variety of projects get built in Virginia, even in smaller, less visible markets. As a bank with branches serving some of those smaller markets, we want to invest in those communities as well as the larger metros.
What are three words you would use to describe working with VCDC?
Flexible, consistent, and human. VCDC is flexible both with investors and projects. They are always coming up with creative financing ideas and better ways to meet investor needs. The expertise is consistent – these are professionals who know their business. And, above all else, these are great human beings to work with – smart, fun, interesting people!
Do you have any stories about working with VCDC that made you want to continue investing with us?
While I don’t want to shortchange the professional benefits of working with VCDC, what comes to mind when you ask this question is the many fun connections we have had over the years. I have shared many meals – sometimes at adventurous local restaurants! – with the VCDC team. We always talk business, but we also talk about our families and our lives. I truly enjoy the camaraderie, and I believe that leads to better business when you feel like you are in it together.
Describe your career and/or personal goals.
I love that my role allows me to make decisions that directly impact AUB’s footprint through new affordable homes, new or retained jobs, and capital to help small business grow. It is so fulfilling to hear personal stories from families who have been given a chance to live somewhere safe and work somewhere stable.
My life really changed during the pandemic. I have made a real effort to be intentional with how I spend my time. My husband and I discuss our priorities for our time and then work hard to live them. We hope to continue traveling, taking steps to improve our health, and trying new things.
What are some of your hobbies? What’s an interesting thing about you that most people might not know?
Reading, hiking, cooking, dining out, exploring new-to-me places and cultural activities (museums, performances, community arts).
In 2024, I completed 52 hikes (2+ miles in any kind of park) and read 52 books (I have 6 library cards). I have spent 3 months in physical therapy as a result, but it was a fun year!