Home Business News Sandy Spring Bancorp gets approvals for acquisition

Sandy Spring Bancorp gets approvals for acquisition

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Sandy Spring Bancorp, the parent company of Olney-based Sandy Spring Bank, has received the requisite regulatory approvals from the board of governors of the Federal Reserve System and the Maryland Office of the Commissioner of Financial Regulation to complete the merger of Revere Bank into Sandy Spring Bank.

A special meeting of shareholders of Sandy Spring has been called for Feb. 11, 2020, at 2 p.m. at Sandy Spring headquarters, in Olney, to approve the issuance of common stock in connection with the merger. The Revere Bank special meeting to consider the approval of the merger agreement will be held on the same day at Revere’s corporate headquarters, in Rockville, at 1 p.m. The transaction is expected to close at the end of the first quarter of 2020.

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