Sandy Spring Bank announced April 1 that it has completed its acquisition of Revere Bank and added new executives and directors.
Now officially part of Sandy Spring, Revere’s branding will change to Sandy Spring following the full conversion of Revere’s systems, which is expected to occur during the third quarter of 2020.
“It is a critical time for us to come together as a company and community, so we are pleased to welcome Revere Bank clients and employees to Sandy Spring Bank,” said Daniel J. Schrider, president and CEO of Sandy Spring Bank, headquartered in Olney, Maryland.
The combined bank’s assets total $11.4 billion, which has resulted in Sandy Spring exceeding the important growth benchmark of $10 billion and making it the largest locally headquartered community bank in the Greater Washington, D.C. region.
Revere’s clients will have access to Sandy Spring’s capabilities and products, which include commercial and retail banking, mortgage, private banking and trust services, as well as a menu of insurance and wealth management services through its subsidiaries.
In connection with its acquisition of Revere, former Revere directors Christina Baldwin O’Meara, president of O’Meara Properties, Walter C. (Clay) Martz II, an attorney at Walter C. Martz, LLC, and Brian J. Lemek, the founder and owner of Lemek Slower Lower LLC, are joining Sandy Spring’s board of directors.
Revere’s Co-Presidents and CEOs, Kenneth C. Cook and Andrew F. Flott, have joined Sandy Spring as Executive Vice President and Division Executive, respectively.
With the completion of the merger, former Revere shareholders received 1.05 shares of Sandy Spring common stock for each share of Revere common stock they held. Based on the $22.64 per share closing price of Sandy Spring common stock on March 31, 2020, the total transaction value is approximately $287 million.
Sandy Spring shareholders now own approximately 74 percent of the combined company, and former Revere shareholders own approximately 26 percent.