Atlantic Union Bankshares To Buy Sandy Spring Bancorp In $1.6 Bln Deal

(RTTNews) - Atlantic Union Bankshares Corporation (AUB) Monday said it has agreed to acquire Sandy Spring Bancorp (SASR) in an all-stock transaction valued about $1.6 billion.

"With today's announcement of our partnership with Sandy Spring, Atlantic Union will create a preeminent regional bank, with Virginia as its linchpin, that spans the lower mid-Atlantic into the Southeast and that is committed to the communities it serves," said John Asbury, President and Chief Executive Officer of Atlantic Union.

As per the terms of the deal, Sandy Spring shareholders will get 0.9 shares of Atlantic Union for each Sandy Spring share they own. This values the transaction at about $34.93 per Sandy Spring share, based on Atlantic Union's closing stock price on October 18, 2024.

The acquisition will enhance the combined company's Mid-Atlantic banking presence by adding 53 branch locations and Atlantic Union's wealth business will be nearly doubled through the addition of assets under management of more than $6.5 billion.

The combined company will have total assets of $39.2 billion, deposits of $32.0 billion and gross loans of $29.8 billion, based on financial data as of September 30, 2024.

The transaction is expected to conclude by the end of the third quarter of 2025.