Sandy Spring Bank
 | |
| Company type | Public |
|---|---|
| Nasdaq: SASR Russell 2000 Index Component | |
| Industry | Banking |
| Founded | 1868 |
| Headquarters | Olney, Maryland, U.S. |
Number of locations | 55 branches and 6 financial centers |
Area served | Washington metropolitan area |
Key people | Daniel J. Schrider (president and CEO) |
| Products | Financial services |
 $0.100 billion (2018) | |
| Total assets | $8.243 billion (2018) |
| Total equity | $1.067 billion (2018) |
Number of employees | 932 (2018) |
| Website | sandyspringbank |
| Footnotes / references [1][2] | |
Sandy Spring Bancorp, Inc. is a bank holding company headquartered in Olney, Maryland and operating in the Washington metropolitan area.
Current operations
[edit]The company operates the following subsidiaries:[2]
- Sandy Spring Bank - a community bank serving the Washington metropolitan area. It operates 55 branches and 6 financial centers.[2]
- Sandy Spring Insurance Corporation - offers commercial and personal lines of insurance as well as surety bonds, workers compensation insurance, and professional liability insurance protection.
- West Financial Services, Inc. - offers financial planning, wealth management, and asset management for high-net-worth individuals, businesses, and associations.
History
[edit]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
[edit]- ^ "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. January 12, 2009.
- ^ 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.