Atlantic Union finalizes $1.6bn merger with Sandy Spring
Deal News | Feb 06, 2025 | EIN
Atlantic Union Bankshares and Sandy Spring Bancorp have announced that they have secured both shareholder and regulatory approvals for their planned merger. The transaction, originally announced in October 2024, will see Virginia-based Atlantic Union acquiring Maryland-based Sandy Spring for nearly $1.6 billion. The transaction is expected to be completed by 1 April 2025, pending the fulfillment of usual conditions. The merger will result in the formation of the largest regional bank headquartered in the lower Mid-Atlantic region, leveraging market share strengths and expanding the combined entity's presence in Northern Virginia and Maryland. Notably, three board members from Sandy Spring, including their chair and CEO, Daniel Schrider, will join the Atlantic Union board. Sandy Spring had assets of $14.4 billion, total deposits of $11.7 billion, and loans totaling $11.5 billion as of September 2024.
Sectors
- Banking and Financial Services
Geography
- United States – The merger involves U.S.-based banks Atlantic Union (Virginia) and Sandy Spring (Maryland), impacting the banking landscape in the Mid-Atlantic region.
- Virginia – Atlantic Union is based in Virginia and will be a significant player in the merger, influencing regional market dynamics.
- Maryland – Sandy Spring Bancorp is headquartered in Maryland and plays a crucial role in this merger, affecting regional banking operations.
Industry
- Banking and Financial Services – The merger involves two prominent regional banks consolidating their operations to create a more substantial banking entity headquartered in the lower Mid-Atlantic region of the U.S.
Financials
- $1.6 billion – The total value of the merger deal between Atlantic Union Bankshares and Sandy Spring Bancorp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Atlantic Union Bankshares | Acquirer | Company | A Virginia-based banking institution leading the merger with Sandy Spring Bancorp. |
| Sandy Spring Bancorp | Target | Company | A Maryland-based bank being acquired by Atlantic Union to form a larger regional bank entity. |
| John Asbury | CEO, Atlantic Union | Person | CEO of Atlantic Union Bankshares overseeing the merger process. |
| Daniel Schrider | CEO, Sandy Spring | Person | Chair, President, and CEO of Sandy Spring Bancorp, responsible for guiding the company through the merger. |