Sandy Spring Bancorp’s Board of Directors Appoints Charles S. Cullum Chief Financial Officer

Rhea-AI Summary

Sandy Spring Bancorp (Nasdaq: SASR) has appointed Charles S. Cullum as the new Chief Financial Officer (CFO), effective immediately. Cullum, who has been with the company since 2006 and served as Deputy CFO since January 2024, will replace the retiring Philip J. Mantua. Mantua will stay with the company until the end of the year to ensure a smooth transition. Sandy Spring Bank, which has expanded from a $3 billion to a $14 billion financial services firm over the last 18 years, is poised for continued growth under Cullum's leadership. CEO Daniel J. Schrider expressed confidence in Cullum's capabilities to enhance financial operations and shareholder value.

Positive

• Appointment of experienced internal candidate, Charles S. Cullum, as CFO ensures continuity.
• Outgoing CFO Philip J. Mantua will assist in the leadership transition until year-end, reducing potential disruptions.
• Sandy Spring Bank has demonstrated significant growth, from $3 billion to $14 billion, over 18 years.
• Cullum's promotion reflects internal talent development and stability within the company.

Negative

• Potential risk during the transition period, despite support from outgoing CFO.
• No immediate mention of new strategic initiatives or financial targets post-transition.

Philip J. Mantua to Support Leadership Transition Through End of Year

OLNEY, Md., May 23, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Sandy Spring Bancorp, Inc. (Nasdaq-SASR), today announced the appointment of Charles S. Cullum to Chief Financial Officer. Cullum was promoted from Deputy Chief Financial Officer and Treasurer. Philip J. Mantua, the outgoing Chief Financial Officer, who previously announced his retirement, will continue with the Company until the end of the year to support the leadership transition.

“Charlie has played a central role in the financial management of the Company for many years, and I am confident in his ability to lead our financial operations as Chief Financial Officer, said Daniel J. Schrider, Chair, President and Chief Executive Officer of Sandy Spring Bank. “We demonstrated positive momentum in the first quarter, and the Company is in a good position to make this transition now.”

Cullum began his banking career 20 years ago as a teller. He joined Sandy Spring Bank in 2006 as a Market Research Analyst. He steadily rose through the ranks in the Finance Division and was promoted to Division Executive and Treasurer in 2022. In January 2024, Cullum was named Deputy Chief Financial Officer and the Company announced he would assume the role of Chief Financial Officer upon Phil Mantua’s retirement.

“Since I joined Sandy Spring Bank 18 years ago, we have grown from a $3 billion operation to a $14 billion financial services company serving the Greater Washington region,” said Charles S. Cullum, Chief Financial Officer. “It has been a pleasure to advance my career with this outstanding organization, and I look forward to working with the rest of the executive leadership team to continue to grow the Company by providing superior client service and shareholder value.”

Cullum has already been representing the Company within the investment community and working closely with the executive leadership team preparing for this transition to Chief Financial Officer.
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About Sandy Spring Bancorp, Inc.
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 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

Media Contact: Samantha Price
301.260.3614
sprice@sandyspringbank.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/86297b7e-4180-44be-bacd-3c90ac6a336e

FAQ

Who is the new CFO of Sandy Spring Bancorp?

Charles S. Cullum has been appointed as the new Chief Financial Officer (CFO) of Sandy Spring Bancorp.

When did Sandy Spring Bancorp announce the new CFO appointment?

The announcement was made on May 23, 2024.

What is the stock symbol for Sandy Spring Bancorp?

The stock symbol for Sandy Spring Bancorp is SASR.

Who did Charles S. Cullum replace as CFO of Sandy Spring Bancorp?

Charles S. Cullum replaced Philip J. Mantua, the retiring CFO.

What role did Charles S. Cullum hold before becoming CFO?

Charles S. Cullum was the Deputy Chief Financial Officer before his promotion to CFO.

How long has Charles S. Cullum been with Sandy Spring Bank?

Charles S. Cullum has been with Sandy Spring Bank since 2006.

What was the size of Sandy Spring Bank's operations when Cullum joined?

When Cullum joined in 2006, Sandy Spring Bank was a $3 billion operation.

What is the current size of Sandy Spring Bank's operations?

As of now, Sandy Spring Bank has grown to a $14 billion financial services company.

Who is supporting the leadership transition at Sandy Spring Bancorp?

Outgoing CFO Philip J. Mantua is supporting the transition until the end of the year.