Sandy Spring Bancorp Sells Insurance Business

Rhea-AI Summary

Sandy Spring Bancorp (Nasdaq-SASR) has officially sold its insurance business to Hub International Limited, a top global insurance brokerage, effective June 1, 2022. The terms of the sale remain undisclosed. This strategic move allows Sandy Spring Bank's clients access to a broader range of insurance solutions via Hub. All employees from Sandy Spring Insurance Corporation have been offered positions at Hub, ensuring continuity in client service. Reagan Consulting advised Sandy Spring Bank on the transaction.

Positive

• Expanded insurance offerings for clients through Hub International.
• Employees from the insurance division retained with Hub, ensuring service continuity.

Negative

• None.

Bank Will Now Offer Insurance Through Hub International

OLNEY, Md., June 02, 2022 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, today announced it has sold its insurance business to Hub International Limited, a leading global insurance brokerage and financial services firm. Terms of the transaction were not disclosed.

“Our clients will now have access to an expanded offering of insurance solutions through Hub,” said Lou Caceres, Executive Vice President of Sandy Spring Bank. “All of the Sandy Spring Insurance Corporation employees have been offered positions with Hub, and they will continue to provide outstanding service to their clients as they always have. I want to thank each of these employees for their contributions to Sandy Spring Bank and all of the communities that we serve.”

The transaction was effective June 1, 2022. Reagan Consulting served as financial advisor to Sandy Spring Bank, and Kilpatrick Townsend & Stockton LLP served as legal counsel.

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.

For more information, contact Sam Price at sprice@sandyspringbank.com or 301-260-3614.

FAQ

What did Sandy Spring Bancorp announce on June 2, 2022 regarding their insurance business?

Sandy Spring Bancorp announced the sale of its insurance business to Hub International Limited, effective June 1, 2022.

How will the sale of Sandy Spring Bancorp's insurance business impact its clients?

Clients will now have access to a broader range of insurance solutions through Hub International.

What is the stock symbol for Sandy Spring Bancorp?

The stock symbol for Sandy Spring Bancorp is SASR.

Who acted as the financial advisor in the insurance business sale?

Reagan Consulting served as the financial advisor to Sandy Spring Bank for the transaction.

Will Sandy Spring Bank's insurance employees continue to serve clients?

Yes, all employees from Sandy Spring Insurance Corporation were offered positions with Hub, ensuring they continue to provide service to their clients.