Sandy Spring Bancorp, Inc. and Revere Bank Receive Shareholder Approval for Merger
February 11 2020 - 4:30PM
Sandy Spring Bancorp, Inc. (NASDAQ: SASR, “Sandy Spring”) and
Revere Bank (OTCQX: REVB, “Revere”) jointly announced that the
companies have received the requisite stockholder approvals for
Sandy Spring to complete the acquisition of Revere. As
previously announced, Sandy Spring has also received regulatory
approval for the merger from the Board of Governors of the Federal
Reserve System and the Maryland Office of the Commissioner of
Financial Regulation.
The transaction, announced on September 24, 2019,
is scheduled to close on April 1, 2020, subject to the satisfaction
of certain customary closing conditions. Upon completion,
Sandy Spring will have combined assets of approximately $11.4
billion making it the largest, locally headquartered community bank
in the Greater Washington, D.C. region.
About Sandy Spring Bancorp, Inc.
Sandy 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, Rembert
Pendleton Jackson, Sandy Spring Insurance
Corporation and West Financial Services, Inc., Sandy
Spring Bank also offers a comprehensive menu
of insurance and wealth management services.
About Revere BankRevere Bank is a
Maryland state chartered bank that commenced operations in November
2007. The Bank is headquartered in Rockville and has 11 branches
located in the suburban Maryland counties of Anne Arundel,
Baltimore, Frederick, Howard, Montgomery, and Prince George’s. The
Bank is a community-based, full-service commercial bank that
emphasizes the banking needs of community-based businesses,
professional entities, and individuals. Further information on
Revere Bank can be obtained by visiting its website at
www.reverebank.com.
Forward-Looking Statements This
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 Revere. Forward-looking statements, which may be based upon
beliefs, expectations and assumptions of Sandy Spring’s and
Revere’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 neither
Sandy Spring nor Revere undertakes 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 Revere will not be realized or will not be realized
within the expected time period; (ii) the risk that
integration of operations of Revere with those of Sandy Spring will
be materially delayed or will be more costly or difficult than
expected; (iii) the failure to satisfy certain conditions to
completion of the proposed transaction, including conditions set
forth in any previously obtained regulatory approvals;
(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) the possibility that the transaction may be more
expensive to complete than anticipated, including as a result of
unexpected factors or events; (vii) general economic
conditions and trends, either nationally or locally;
(viii) conditions in the securities markets; (ix) changes
in interest rates; (x) changes in deposit flows, and in the
demand for deposit, loan, and investment products and other
financial services; (xi) changes in real estate values;
(xii) changes in the quality or composition of Sandy Spring’s
or Revere’s loan or investment portfolios; (xiii) changes in
competitive pressures among financial institutions or from
non-financial institutions; (xiv) the ability to retain key
members of management; and (xv) changes in legislation,
regulations, and policies.
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, Inc. |
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 President,
Marketing |
Sandy Spring
Bank |
301.260.3614 |
sprice@sandyspringbank.com |
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