Atlantic Union Bankshares Corporation Completes Acquisition of Sandy Spring Bancorp, Inc.
Atlantic Union Bankshares has completed its merger with Sandy Spring Bancorp, creating the largest regional banking franchise in the lower Mid-Atlantic. The transaction, valued at approximately $1.3 billion, involves converting each Sandy Spring share into 0.900 shares of Atlantic Union common stock.
The merger strengthens Atlantic Union's presence in Virginia and Maryland, with the combined entity having $38.7 billion in total assets, $32.1 billion in total deposits, and $30.0 billion in total loans held for investment on a pro forma basis as of December 31, 2024. Sandy Spring Bank has been merged into Atlantic Union Bank, and three former Sandy Spring directors have joined Atlantic Union's board.
Atlantic Union Bankshares ha completato la sua fusione con Sandy Spring Bancorp, creando la più grande franchigia bancaria regionale nel basso Mid-Atlantic. La transazione, del valore di circa 1,3 miliardi di dollari, prevede la conversione di ogni azione di Sandy Spring in 0,900 azioni di Atlantic Union.
La fusione rafforza la presenza di Atlantic Union in Virginia e Maryland, con l'entità combinata che possiede 38,7 miliardi di dollari in attivi totali, 32,1 miliardi di dollari in depositi totali e 30,0 miliardi di dollari in prestiti totali detenuti per investimento su base pro forma al 31 dicembre 2024. La Sandy Spring Bank è stata fusa in Atlantic Union Bank e tre ex direttori di Sandy Spring si sono uniti al consiglio di Atlantic Union.
Atlantic Union Bankshares ha completado su fusión con Sandy Spring Bancorp, creando la mayor franquicia bancaria regional en el bajo Mid-Atlantic. La transacción, valorada en aproximadamente 1.3 mil millones de dólares, implica convertir cada acción de Sandy Spring en 0.900 acciones de Atlantic Union.
La fusión fortalece la presencia de Atlantic Union en Virginia y Maryland, con la entidad combinada teniendo 38.7 mil millones de dólares en activos totales, 32.1 mil millones de dólares en depósitos totales y 30.0 mil millones de dólares en préstamos totales mantenidos para inversión en una base pro forma al 31 de diciembre de 2024. Sandy Spring Bank se ha fusionado con Atlantic Union Bank, y tres exdirectores de Sandy Spring se han unido a la junta de Atlantic Union.
애틀랜틱 유니온 뱅크셰어스가 샌디 스프링 뱅코프와의 합병을 완료하여 하위 미드 애틀랜틱에서 가장 큰 지역 은행 프랜차이즈를 만들었습니다. 약 13억 달러의 가치가 있는 이번 거래는 샌디 스프링의 각 주식을 애틀랜틱 유니온 보통주 0.900주로 전환하는 것을 포함합니다.
이번 합병은 애틀랜틱 유니온의 버지니아 및 메릴랜드에서의 입지를 강화하며, 결합된 기관은 2024년 12월 31일 기준으로 총 자산 387억 달러, 총 예금 321억 달러, 투자용으로 보유된 총 대출 300억 달러를 보유하고 있습니다. 샌디 스프링 뱅크는 애틀랜틱 유니온 뱅크로 합병되었으며, 세 명의 전 샌디 스프링 이사가 애틀랜틱 유니온의 이사회에 합류했습니다.
Atlantic Union Bankshares a terminé sa fusion avec Sandy Spring Bancorp, créant la plus grande franchise bancaire régionale dans le bas du Mid-Atlantic. La transaction, d'une valeur d'environ 1,3 milliard de dollars, implique la conversion de chaque action de Sandy Spring en 0,900 action de l'Atlantic Union.
La fusion renforce la présence d'Atlantic Union en Virginie et dans le Maryland, l'entité combinée ayant 38,7 milliards de dollars d'actifs totaux, 32,1 milliards de dollars de dépôts totaux et 30,0 milliards de dollars de prêts totaux détenus pour investissement sur une base pro forma au 31 décembre 2024. La Sandy Spring Bank a été fusionnée avec Atlantic Union Bank, et trois anciens directeurs de Sandy Spring ont rejoint le conseil d'administration d'Atlantic Union.
Atlantic Union Bankshares hat seine Fusion mit Sandy Spring Bancorp abgeschlossen und damit die größte regionale Bankfranchise im unteren Mid-Atlantic geschaffen. Die Transaktion, die mit etwa 1,3 Milliarden Dollar bewertet wird, beinhaltet die Umwandlung jeder Sandy Spring Aktie in 0,900 Aktien von Atlantic Union.
Die Fusion stärkt die Präsenz von Atlantic Union in Virginia und Maryland, wobei die kombinierte Einheit zum 31. Dezember 2024 über 38,7 Milliarden Dollar an Gesamtvermögen, 32,1 Milliarden Dollar an Gesamteinlagen und 30,0 Milliarden Dollar an Gesamtforderungen für Investitionen auf pro forma Basis verfügt. Die Sandy Spring Bank wurde in die Atlantic Union Bank integriert, und drei ehemalige Direktoren von Sandy Spring sind dem Vorstand von Atlantic Union beigetreten.
- Creation of largest regional banking franchise in lower Mid-Atlantic
- Significant expansion with $38.7B in total assets
- Strong deposit base of $32.1B
- Robust loan portfolio of $30.0B
- Enhanced market presence in Virginia and Maryland
- Potential share dilution due to stock-based transaction
- Integration costs and risks associated with merger implementation
Insights
Atlantic Union's $1.3 billion acquisition of Sandy Spring Bancorp represents a significant consolidation in the Mid-Atlantic banking sector, creating a regional powerhouse with
This merger combines the top regional banks in Virginia and Maryland, establishing a dominant presence spanning from the Mid-Atlantic into the Southeast. The substantial scale increase provides Atlantic Union with enhanced competitive positioning against larger national banks operating in these markets.
The combined loan portfolio of
This transaction reflects the ongoing consolidation trend among regional banks seeking sufficient scale to invest in technology, manage regulatory costs, and compete effectively with larger institutions. For Atlantic Union, this significantly enhances its market position as "the preeminent regional bank" in its target geography.
This acquisition transforms Atlantic Union into the dominant regional banking franchise across the lower Mid-Atlantic, with particular strength in the economically vital Virginia-Maryland corridor. The merger creates a unique entity as Atlantic Union becomes the first institution to successfully unite the leading regional banks from both states.
The transaction's timing appears strategic, enabling Atlantic Union to establish territorial dominance in markets underserved by the largest national banks while maintaining the regional focus and relationship orientation that typically distinguishes community banks. The enhanced scale (
The combined deposit base of
For customers and communities, this merger potentially delivers a stronger lending partner with greater resources while maintaining regional decision-making. The involvement of key Sandy Spring directors on Atlantic Union's board suggests commitment to maintaining important customer relationships through the transition.
Under the terms of the merger agreement, each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of Atlantic Union common stock, with cash to be paid in lieu of fractional shares. Based on the closing price of Atlantic Union common stock of
“We are excited to have the Sandy Spring team officially join Atlantic Union Bank,” said John C. Asbury, President and CEO of Atlantic Union. “By bringing together the number one regional bank in
In accordance with the merger agreement, Mona Abutaleb Stephenson, Mark C. Micklem and Daniel J. Schrider have been appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank, effective as of the effective time of the merger.
Subsequent to the closing, on a pro forma basis as of December 31, 2024, before merger-related adjustments, Atlantic Union had
About Atlantic Union Bankshares Corporation
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Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding our outlook and expectations with respect to the transaction. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of us or our management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following:
- the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where we do business, or as a result of other unexpected factors or events;
- the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks;
- the integration of the business and operations of Sandy Spring may take longer or be more costly than anticipated; and
- other factors that may affect our future results, including, among others, changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.
Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that our actual results will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in our most recent annual report on Form 10-K and other documents subsequently filed by us with the Securities Exchange Commission.
Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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Beth Shivak, Senior Vice President and Director of Corporate Communications
Beth.Shivak@atlanticunionbank.com, 804.327.5746
Bill Cimino, Senior Vice President and Director of Investor Relations
Bill.Cimino@atlanticunionbank.com, 804.448.0937
Source: Atlantic Union Bankshares Corporation
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