Last year,
Atlantic Union
and Olney-based Sandy Spring Bank announced that they entered into a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion. The acquisition was completed on April 1st and the combination of the two organizations created the largest regional bank headquartered in the lower Mid-Atlantic. Now, Atlantic Union has shared that Sandy Spring Bank will officially make the change to Atlantic Union this October.
Founded in 1868, Sandy Spring was headquartered in Olney, Maryland and had $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans as of September 30, 2024. The combined company will have pro forma total assets of $39.2 billion, total deposits of $32.0 billion and gross loans of $29.8 billion, based on financial data as of September 30, 2024. The combined company’s Mid-Atlantic banking presence will be enhanced through the addition of 53 branch locations and Atlantic Union will approximately double its wealth business by increasing assets under management by more than $6.5 billion, per a previous press release.
“We are excited to let you know that Sandy Spring Bank has formally merged with Atlantic Union Bank, and we would like to extend you a warm welcome to the Atlantic Union Bank family. Sandy Spring Bank (SSB) and Atlantic Union Bank (AUB) share a long history of caring for our customers and communities, and we remain dedicated to meeting your evolving financial needs. With this merger, AUB has committed to a $9.5 billion Community Impact Plan which will help strengthen economic growth and financial access throughout our local communities.
Like Sandy Spring Bank, Atlantic Union Bank is an award-winning organization recognized for its exceptional products and digital services and has knowledgeable and caring people who are readily available – a combination that makes banking easier.”
