OLNEY, Md.–(GLOBE NEWSWIRE)–Sandy Spring Bancorp, Inc. (NASDAQ:SASR) (“Sandy Spring”) announced today that it completed the acquisition of WashingtonFirst Bankshares, Inc. (“WashingtonFirst”), effective January 1, 2018. WashingtonFirst was the holding company for WashingtonFirst Bank. Now officially part of Sandy Spring Bank, WashingtonFirst Bank’s branding will change to Sandy Spring Bank with the full conversion of systems expected to occur later this quarter.
“I am proud to welcome the employees, clients and shareholders of WashingtonFirst Bank to the Sandy Spring Bank family,” said Daniel J. Schrider, President and CEO of Sandy Spring Bank. “Together we are stronger and more committed than ever to delivering superior, personalized service to each of our clients and to investing in the communities where we live and work for many more years to come.”
Upon completion of the merger, the former stockholders of WashingtonFirst became entitled to receive 0.8713 shares of Sandy Spring common stock for each share of WashingtonFirst common stock they held, plus cash in lieu of any resulting fractional shares. Based on the $39.02 per share closing price of Sandy Spring common stock on December 29, 2017, the total transaction value was approximately $447 million.