STOCK TITAN

Sandy Spring Bancorp Announces Stock Repurchase Program

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary

Sandy Spring Bancorp (SASR) announced a board-approved repurchase plan for up to 2,350,000 shares, approximating 5% of its outstanding shares. The repurchases aim to enhance shareholder value and will occur through open market purchases or private transactions based on market conditions. This strategy reflects confidence in the company’s financial health and future growth potential.

Positive
  • Share repurchase of 2,350,000 shares could enhance shareholder value.
  • Buyback represents approximately 5% of outstanding shares, indicating confidence in future performance.
Negative
  • None.

OLNEY, Md., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc., (Nasdaq- SASR), the parent company of Sandy Spring Bank, today announced that the Company’s board of directors has authorized the repurchase of up to 2,350,000 shares of the Company's common stock, or approximately 5% of currently outstanding shares. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made from time to time depending on market conditions and other factors.

About Sandy Spring Bancorp, Inc. / Sandy Spring Bank
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 65 locations, the bank offers a broad range of commercial and retail bankingmortgageprivate banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton JacksonSandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.

For additional information or questions, please contact:
        Daniel J. Schrider, President & Chief Executive Officer, or
        Philip J. Mantua, Executive Vice President & Chief Financial Officer
        Sandy Spring Bancorp
        17801 Georgia Avenue
        Olney, Maryland 20832
        1-800-399-5919
        E-mail:        DSchrider@sandyspringbank.com
                          PMantua@sandyspringbank.com
        
Website: www.sandyspringbank.com

Media Contact:
Sam Price
Vice President, Marketing
Sandy Spring Bank
301.260.3614
sprice@sandyspringbank.com

Forward-Looking Statements

Sandy Spring Bancorp’s forward-looking statements are subject to the following principal risks and uncertainties: risks, uncertainties and other factors relating to the COVID-19 pandemic, including the length of time that the pandemic continues, the imposition or re-imposition of stay-at-home orders and restrictions on business activities or travel; the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations; the remedial actions and stimulus measures adopted by federal, state and local governments; the inability of employees to work due to illness, quarantine, or government mandates; general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of the Company’s loan or investment portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the Company’s ability to retain key members of management; changes in legislation, regulations, and policies; the possibility that any of the anticipated benefits of acquisitions will not be realized or will not be realized within the expected time period; and a variety of other matters which, by their nature, are subject to significant uncertainties. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2019, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at www.sec.gov.


FAQ

What is the significance of Sandy Spring Bancorp's share buyback?

The share buyback of up to 2,350,000 shares may enhance shareholder value and indicate management's confidence in the company's performance.

When was the share buyback approved for SASR?

The share buyback plan was announced on December 17, 2020.

How much of the outstanding shares does the buyback represent for SASR?

The repurchase plan aims to buy back approximately 5% of the currently outstanding shares.

How will the share repurchases be conducted for SASR?

Repurchases will be conducted through open market purchases or privately negotiated transactions depending on market conditions.

Sandy Spring Bancorp Inc

NASDAQ:SASR

SASR Rankings

SASR Latest News

SASR Stock Data

1.53B
43.37M
3.68%
74.42%
2.5%
Banks - Regional
National Commercial Banks
Link
United States of America
OLNEY