Atlantic Union and Sandy Spring's $1.6bn merger deal secure approvals
Atlantic Union Bankshares and Sandy Spring Bancorp have secured shareholders' and regulatory approvals for the combination of their businesses.
The transaction is anticipated to complete on 1 April 2025, contingent on the fulfilment or waiver of standard closing conditions.
First announced in October 2024, the deal involves the acquisition of Maryland-based Sandy Spring by Virginia-based Atlantic Union for nearly $1.6bn.
Each outstanding share of Sandy Spring common stock will be exchanged for the right to receive 0.900 shares of Atlantic Union common stock.
Upon deal completion, Sandy Spring will merge with and into Atlantic Union.
Atlantic Union president and CEO John Asbury said: 'We are pleased to have received all necessary bank regulatory approvals and each company's shareholder and stockholder approvals to proceed with the merger and remain on track to close the transaction on 1 April 2025.
'The merger will create a unique franchise by combining the #1 regional depository market share bank in Virginia with the #1 regional depository market share bank in Maryland.'
Sandy Spring chair, president and CEO Daniel Schrider said: 'We are very excited to reach this important milestone as we work to bring together two great companies.
'It has been inspiring to see colleagues from both banks design, collaborate, and transform together to make this combination a success.
'This partnership will begin a new chapter, and we can't wait to see what we accomplish together.'
The companies anticipate the merger to create the largest regional bank headquartered in the lower Mid-Atlantic, while also strengthening the combined company's foothold in Northern Virginia and Maryland.
Three members of Sandy Spring's board of directors, including Dan Schrider, will secure seats on the Atlantic Union board post deal completion.
Established in 1868, Sandy Spring had $14.4bn in assets, $11.7bn in total deposits, and $11.5bn in total loans as of 30 September 2024.
"Atlantic Union and Sandy Spring's $1.6bn merger deal secure approvals" was originally created and published by Retail Banker International, a GlobalData owned brand.
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