Sandy Spring Bancorp, the parent company of Sandy Spring Bank, has reached an agreement to acquire Rembert Pendleton Jackson (RPJ), an investment and financial advisory firm located in Falls Church, Va., with more than $1.3 billion in assets under management (AUM).
Upon closing the transaction, the combined AUM under Olney-based Sandy Spring’s wealth management arms will be approximately $4.5 billion.
“Rembert Pendleton Jackson is a well-respected firm with a long-tenured and high-performing team. Their commitment to this region and strong culture focused on exceptional client service align with our core values,” said Lou Caceres, executive vice president of Sandy Spring Bank. “This strategic acquisition expands our wealth management services, builds on our growth momentum and continues to deepen our presence in our core market.”
The acquisition of RPJ further demonstrates Sandy Spring’s commitment to providing financial services to individuals, families and businesses at every stage of life and aligns with the company’s strategic objective of diversifying sources of noninterest income. The transaction is expected to be completed in the first quarter of 2020. Sandy Spring was advised on the transaction by Raymond James | Silver Lane Advisors.