Sandy Spring Bancorp, Inc. Receives All Regulatory Approvals for Acquisition of WashingtonFirst Bankshares, Inc.
OLNEY, Md.–(GLOBE NEWSWIRE)–Sandy Spring Bancorp, Inc. (NASDAQ:SASR) (“Sandy Spring”) announced that it has received all of the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Maryland Office of the Commissioner of Financial Regulation, and the Virginia State Corporation Commission to complete the acquisition of WashingtonFirst Bankshares, Inc. (“WashingtonFirst”) and the related merger of WashingtonFirst Bank into Sandy Spring Bank.
The transaction is expected to close on January 1, 2018.
“We look forward to welcoming the clients, employees and shareholders of WashingtonFirst Bank to Sandy Spring Bank,” said Daniel J. Schrider, President and CEO of Sandy Spring Bank. “Together, we will be a stronger presence in the Greater Washington, D.C. region, and we will continue to invest in and build our communities for future generations.”
Upon completion of the acquisition, Sandy Spring Bank will have combined assets of approximately $7.5 billion.