Atlantic Union Bankshares Corporation and Sandy Spring Bancorp jointly announced on Monday that they have entered into a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion.
Combining the two organizations will create the largest regional bank headquartered in the lower Mid-Atlantic, and significantly enhance the combined company’s presence in Northern Virginia and Maryland, an Atlantic Union release stated.
Founded in 1868, Sandy Spring is headquartered in Olney, Maryland, and has $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans as of Sept. 30, 2024. The combined company will have pro forma total assets of $39.2 billion, total deposits of $32.0 billion and gross loans of $29.8 billion, based on financial data as of September 30, 2024. The combined company’s Mid-Atlantic banking presence will be enhanced through the addition of 53 branch locations and Atlantic Un...