Oct. 21 at 10:31 AM
$AUB $SASR Atlantic Union Bankshares to acquire Sandy Spring Bancorp for
$1.6B
Atlantic Union Bankshares (AUB) and Sandy Spring Bancorp (SASR) jointly announced today that they have entered into a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately
$1.6B. 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. Under the terms of the merger agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.900 shares of Atlantic Union common stock.
This values the transaction at approximately
$34.93 per Sandy Spring common share, based on Atlantic Union's closing stock price on October 18, 2024. Three members of the Sandy Spring board of directors, including Dan Schrider, will join the Atlantic Union board of directors upon the closing of the transaction. The merger agreement has been unanimously approved by the board of directors of each company. The companies expect to complete the transaction by the end of the third quarter of 2025, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Atlantic Union shareholders and Sandy Spring stockholders.
