American financial holding company
Sandy Spring Bancorp, Inc. is a bank holding company headquartered in Olney, Maryland and operating in the Washington metropolitan area .
Current operations
The company operates the following subsidiaries:[ 2]
History
In 1868, farmers who were Quakers founded Sandy Spring Bank to pool their savings to make home loans to their neighbors.[ 3]
In December 1993, the bank acquired First Montgomery Bank of MD for $1.9 million.[ 4]
In August 1996, the bank acquired Annapolis Bancshares of MD for $17 million.[ 4]
In December 2001, the company acquired Chesapeake Insurance Group of Annapolis and renamed it Sandy Spring Insurance Corp.[ 5] [ 4]
In February 2007, the bank acquired Potomac Bank of Virginia for $64.7 million.[ 6] [ 7] [ 4]
In June 2007, the bank acquired County National Bank of Glen Burnie for $44.1 million.[ 8] [ 9] [ 4]
During the financial crisis of 2007–2008 , the company received an investment of $82 million from the Troubled Asset Relief Program . The investment was repaid in December 2010, making Sandy Spring one of the first community banks in the Washington metropolitan area to repay its TARP investment.[ 10]
In January 2009, Daniel J. Schrider was promoted to chief executive officer , succeeding Hunter R. Hollar. Schrider joined the company as a lender in 1989.[ 11]
In May 2012, the bank acquired CommerceFirst Bank of Annapolis for $25.4 million.[ 12] [ 13] [ 4]
In February 2016, the bank opened its first branch in the District of Columbia .[ 14] [ 15]
In August 2016, Sandy Spring Insurance acquired The Advantage Group.[ 16] [ 4]
In January 2018, the bank acquired WashingtonFirst Bank of VA for $489 million, creating the largest community bank headquartered in the Washington metropolitan area .[ 17] [ 18] [ 4]
In April 2020, the bank acquired Revere Bank of Maryland for $293 million.[ 4]
Virginia-based Atlantic Union Bankshares agreed to buy Sandy Spring Bancorp for $1.6 billion in an all-stock transaction in October 2024.[ 19]
References
^ "Sandy Spring Bank: Our Story" . Sandy Spring Bank.^ a b c "Sandy Spring Bancorp, Inc. 2018 Form 10-K Annual Report" . U.S. Securities and Exchange Commission .^ "Charting Sandy Spring Bank's History, Identity and Future" . The Washington Post ^ a b c d e f g h i "Mergers & Acquisitions" . Sandy Spring Bank . Retrieved 2023-01-01 .^ Berk, Michele (December 7, 2001). "Sandy Spring closes deal with Chesapeake Insurance" . American City Business Journals ^ "Sandy Spring Bancorp Completes Acquisition of Potomac Bank of Virginia" (Press release). PR Newswire . February 16, 2007.^ Adler, Neil (October 11, 2006). "Sandy Spring Bancorp to buy Potomac Bank for $64.7M" . American City Business Journals ^ "Sandy Spring Bancorp Completes Acquisition of CN Bancorp, Inc. of Glen Burnie, MD" (Press release). PR Newswire . June 1, 2007.^ Adler, Neil (December 14, 2006). "Sandy Spring Bank to buy County National for $44.1M" . American City Business Journals ^ Douglas, Danielle (December 19, 2010). "Sandy Spring Bank in Olney pays back all of its federal TARP loan" . The Washington Post ^ Lazo, Alejandro (January 6, 2009). "Sandy Spring Bancorp Names New Chief Executive" . The Washington Post ^ "Sandy Spring Bancorp, Inc. Announces Completion of Acquisition of CommerceFirst Bancorp, Inc" (Press release). Globe Newswire . May 31, 2012.^ Haber, Gary (December 20, 2011). "Sandy Spring Bank to buy CommerceFirst in $25.4M deal" . American City Business Journals ^ "Sandy Spring Bank's First Washington, D.C., Branch Opens for Business" (Press release). Globe Newswire . February 1, 2016.^ Bhattarai, Abha (November 15, 2015). "The region's banks flock to a new market: The District" The Washington Post ^ "Sandy Spring Insurance Expands Team, Capabilities and Geographic Reach" (Press release). Globe Newswire . August 4, 2016.^ "Sandy Spring Bancorp, Inc. Completes Acquisition of WashingtonFirst Bankshares, Inc" (Press release). Globe Newswire . January 2, 2018.^ Medici, Andy (January 3, 2018). "Sandy Spring wraps up $447M acquisition of WashingtonFirst Bank" . American City Business Journals ^ Basil, Arasu Kannagi (October 21, 2024). "Atlantic Union to buy Sandy Spring for $1.6 bln in latest US regional bank deal" . Reuters.
External links
