Atlantic Union Bankshares Q3 Net Income Rises; To Acquire Sandy Spring Bancorp

(RTTNews) - Atlantic Union Bankshares (AUB) reported that its third quarter net income available to common shareholders increased to $73.45 million from $51.05 million, prior year. Earnings per common share was $0.82 compared to $0.68. Adjusted operating earnings per common share was $0.83 compared to $0.80. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.81, for the quarter. Analysts' estimates typically exclude special items.

Total revenue on FTE basis was $221.12 million compared to $182.78 million, previous year. Analysts on average had estimated $225.94 million in revenue.

Separately, Atlantic Union Bankshares and Sandy Spring Bancorp (SASR) announced that they have entered into a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion. Each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.900 shares of Atlantic Union common stock. This values the transaction at approximately $34.93 per Sandy Spring common share.

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