OLNEY, Md. — Olney based Sandy Spring Bank is being acquired by Atlantic Union.
The two companies agreed to a $1.6 billion all-stock transaction, which will see them merge.
As of September 30, Sandy Spring has amassed $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans.
Combined with Atlantic Union, total assets will be increased to $39.2 billion, $32.0 billion in total deposits and $29.8 billion in gross loans.
Together the two companies will grow by 53 or so branches, creating the largest regional bank headquartered in the lower Mid-Atlantic, specifically in Maryland and Northern Virginia.
Under the terms of the agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.900 shares of Atlantic Union common stock. This values the transaction at approximately $34.93 per Sandy Spring common share, based on Atlantic Union’s closing stock price on October 18, 2024.
The merger agreement was unanimously approved by the board of directors of each company.
Three members of the Sandy Spring board of directors, including President and CEO Dan Schrider, will join the Atlantic Union board of directors upon the closing of the transaction.
Pending regulatory approvals and those of each banks stock and shareholders, the deal could be completed by the third quarter of 2025.
“Our partnership with Atlantic Union is the right long-term decision for our shareholders, clients and employees. This combination will deliver enhanced scale, diversity in the market, and capabilities for our clients, and it will provide greater opportunities for our employees to grow within a larger organization.” said Schrider. “Sandy Spring Bank and Atlantic Union Bank share a people-first approach to doing business and serving our communities, and together we will add even greater value to the individuals, families and businesses we serve across our expanded footprint.”
