Business
Atlantic Union Bankshares Corporation Completes Acquisition of Sandy Spring Bancorp, Inc.
RICHMOND, Va., April 01, 2025--Atlantic Union Bankshares completes acquisition on Sandy Spring Bancorp
About this update from Atlantic Union Bankshares Corporation
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":2182,"height":387,"url":"https://media.zenfs.com/en/business-wire.com/ecea7decf813708ec1b7e136bd917d20"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/dHgACAfSQ0WwTIhv.xjU6Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTE3MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/ecea7decf813708ec1b7e136bd917d20","width":960,"height":170},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/Iw0rRmiOgsPr17r3ut3YfA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD00MjY7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/ecea7decf813708ec1b7e136bd917d20","width":1200,"height":213}},"lazy":false},{"type":"text","content":"RICHMOND, Va., April 01, 2025--(BUSINESS WIRE)--Atlantic Union Bankshares Corporation ("Atlantic Union") announced that it has completed its previously announced merger with Sandy Spring Bancorp, Inc. ("Sandy Spring") today. This transaction strengthens Atlantic Union’s presence in Virginia and Maryland and creates the largest regional banking franchise headquartered in the lower Mid-Atlantic.","length":416,"tagName":"p"},{"type":"text","content":"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 $31.14 on Monday, March 31, 2025, the aggregate transaction value was approximately $1.3 billion.","length":375,"tagName":"p"},{"type":"text","content":""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 Virginia and the number one regional bank in Maryland, we’ve created something that’s never existed before and establishes Atlantic Union as the preeminent regional bank, with Virginia as its linchpin, that spans the lower mid-Atlantic into the Southeast. We believe this transaction will help enable us to deliver sustainable long-term shareholder value."","length":572,"tagName":"p"},{"type":"text","content":"In accordance with the merger agreement, Mona Abutaleb Stephenson, Mark C. Micklem and Daniel J...