Sandy Spring Bancorp, the parent company of Sandy Spring Bank, and Revere Bank have jointly announced that they have entered into a definitive agreement for Sandy Spring to acquire the Maryland-based Revere.
With combined assets of $11.2 billion, this acquisition deepens Olney-based Sandy Spring’s presence in its core market and authoritatively pushes the company through an important growth benchmark of $10 billion.
“Our company has great momentum and the announcement … reinforces our position of strength in this market,” said Daniel Schrider, president and CEO of Sandy Spring, who will continue to serve in each role. “Over the past two years, we have significantly expanded our geographic footprint, delivered record annual earnings, marked our 150th anniversary and continued to build out a strong team of local professionals and industry experts. This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally headquartered community bank. Our success is evidence that our highly personalized approach to client service works, and we are well positioned for continued growth.”
Sandy Spring Bank operates more than 50 locations throughout Maryland, Northern Virginia and Washington, D.C. Upon closing, Sandy Spring Bank will merge Revere into Sandy Spring Bank and Revere’s co-presidents and CEOs, Ken Cook and Drew Flott, will join the company; Cook will join as an executive vice president and Flott will join as a division executive.
Under the terms of the agreement, Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each share of Revere common stock. The transaction, which is expected to close in the first quarter of 2020, has a value of $460.7 million in the aggregate, based on Sandy Spring’s closing price of $35.33 on Sept. 23. Upon closing, Sandy Spring shareholders will own approximately 74% of the combined company and Revere shareholders the remainder.