Sandy Spring Bancorp, Inc. (Nasdaq: SASR, “Sandy Spring”), the
parent company of Sandy Spring Bank, announced it
has reached an agreement to acquire Rembert Pendleton
Jackson (RPJ), an investment and financial advisory firm located in
Falls Church, Virginia. Founded in 1974, RPJ currently
has more than $1.3 billion in assets under management
(AUM). Upon closing the transaction, the combined AUM under
Sandy Spring Bank’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 Bank’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.
Sandy Spring Bank operates more than 50 locations throughout
Maryland, Northern Virginia and Washington, D.C. The company offers
a range of commercial and retail banking, mortgage, private
banking, and trust services, as well as a comprehensive menu of
insurance and wealth management services through its subsidiaries.
Sandy Spring Bank has demonstrated consistent momentum through its
strong financial performance and strategic growth throughout the
Greater Washington region, including its recently announced
acquisition of Revere Bank.
With more than three decades of service to the national capital
area, RPJ is a fee-only advisory firm and has been solely
registered with the Securities and Exchange Commission since 1984.
Collectively, the principals have more than 100 years of
experience.
Clients will not experience any impact or notice any changes.
RPJ will continue to operate under the name, Rembert
Pendleton Jackson, and Charles E. Rembert, CFP®, AIF®,
Principal, will lead the company as President and will report
to Caceres at Sandy Spring Bank. Rembert Pendleton Jackson’s
senior leadership and registered investment advisors will continue
to serve their clients directly.
“Like RPJ, Sandy Spring Bank has an impressive track record
and a long history of strong performance in the Greater Washington
region. This partnership is a win-win for our clients and
community,” said Rembert. “We’re excited to provide our
clients access to a broader suite of services at Sandy Spring Bank.
Our highest priority has been, and will continue to be, to provide
fee-only investment advisory and financial planning services to our
clients. This relationship will allow these services to
continue.”
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.
About Sandy Spring Bancorp, Inc./Sandy Spring
BankSandy Spring Bancorp, Inc., headquartered in Olney,
Maryland, is the holding company for Sandy Spring Bank, a premier
community bank in the Greater Washington, D.C. region. With over 50
locations, the bank offers a broad range
of commercial and retail
banking, mortgage, private banking,
and trust services throughout Maryland, Northern
Virginia, and Washington, D.C. Through its subsidiaries, Sandy
Spring Insurance Corporation and West Financial Services,
Inc., Sandy Spring Bank also offers a comprehensive menu of
insurance and wealth management services. Visit
www.sandyspringbank.com for more information.
About Rembert Pendleton JacksonRembert
Pendleton Jackson, based in Falls Church, Virginia, serves more
than 900 clients from around the nation's capital and over 35
states. Their registered investment advisors manage more than $1.3
billion in assets with a mission to help individuals and families,
foundations and institutions realize their financial
goals. Further information on Rembert Pendleton Jackson can be
obtained by visiting its website
at https://www.rpjadvisors.com.
Forward-looking StatementsThis communication
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to
the financial condition, results of operations, plans, objectives,
future performance and business of Sandy Spring and RPJ.
Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of Sandy Spring’s and RPJ’s management
and on information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,”
“anticipate,” “plan,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “may,” “will,” “would,” “could,” “should” or other
similar words and expressions. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties, which
change over time. Forward-looking statements speak only as of the
date they are made, and Sandy Spring does not undertake any
obligation to update any statement in light of new information or
future events.
In addition to factors previously disclosed in Sandy Spring’s
reports filed with the U.S. Securities and Exchange Commission (the
“SEC”), the following factors among others, could cause actual
results to differ materially from those in its forward-looking
statements: (i) the possibility that any of the anticipated
benefits of the proposed transaction between Sandy Spring and RPJ
will not be realized or will not be realized within the expected
time period; (ii) the risk that integration of operations of RPJ
with those of Sandy Spring will be materially delayed or will be
more costly or difficult than expected; (iii) the failure to
satisfy conditions to completion of the proposed transaction,
including receipt of required regulatory ; (iv) the failure of the
proposed transaction to close for any other reason; (v) the effect
of the announcement of the transaction on customer relationships
and operating results; (vi) general economic conditions and trends,
either nationally or locally; (vii) conditions in the securities
markets; (viii) changes in interest rates; and (ix) changes in the
demand for investment products and other financial services.
For additional information or questions, please
contact:Daniel J. Schrider, President & Chief
Executive Officer, or Philip J. Mantua, E.V.P. & Chief
Financial Officer Sandy Spring Bancorp 17801 Georgia Avenue Olney,
Maryland 20832 1-800-399-5919
Email: DSchrider@sandyspringbank.com
PMantua@sandyspringbank.com Website: www.sandyspringbank.com
Media Contact: Sam Price, Vice PresidentSandy
Spring Bank301-260-3614Sprice@sandyspringbank.com
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