Sandy Spring Bank

History

In 1868, farmers who were Quakers founded Sandy Spring Bank to pool their savings to make home loans to their neighbors.

In December 1993, the bank acquired First Montgomery Bank.

In August 1996, the bank acquired Annapolis Bancshares for $17 million.

In December 2001, the company acquired Chesapeake Insurance Group of Annapolis and renamed it Sandy Spring Insurance Corp.

In February 2007, the bank acquired Potomac Bank of Virginia for $64.7 million.

In June 2007, the bank acquired County National Bank of Glen Burnie for $44.1 million.

During the 2008 financial crisis, the company received an investment of $82 million from the Troubled Asset Relief Program. The investment was repaid in December 2010, making Sandy Spring one of the first community banks in the Washington metropolitan area to repay its TARP investment.

In January 2009, Daniel J. Schrider was promoted to chief executive officer, succeeding Hunter R. Hollar. Schrider joined the company as a lender in 1989.

In May 2012, the bank acquired CommerceFirst Bank of Annapolis for $25.4 million.

In February 2016, the bank opened its first branch in the District of Columbia.

In August 2016, Sandy Spring Insurance acquired The Advantage Group.

In January 2018, the bank acquired WashingtonFirst Bankshares for $489 million, creating the largest community bank headquartered in the Washington metropolitan area.

In April 2020, the bank acquired Revere Bank of Maryland for $293 million.

In April 2025 Atlantic Union Bank acquired the company.

References

References

1. (January 12, 2009). "Charting Sandy Spring Bank's History, Identity and Future". [[The Washington Post]].
2. (October 21, 2024). "Atlantic Union buying Sandy Spring Bank for $1.6B". [[American City Business Journals]].
3. (April 23, 1996). "F&M NATIONAL PLANS TO ACQUIRE MD. BANK FOR $29 MILLION". [[The Washington Post]].
4. Berk, Michele. (December 7, 2001). "Sandy Spring closes deal with Chesapeake Insurance". [[American City Business Journals]].
5. (August 2025). "Sandy Spring Bancorp Completes Acquisition of Potomac Bank of Virginia". [[PR Newswire]].
6. Adler, Neil. (October 11, 2006). "Sandy Spring Bancorp to buy Potomac Bank for $64.7M". [[American City Business Journals]].
7. Adler, Neil. (December 14, 2006). "Sandy Spring Bank to buy County National for $44.1M". [[American City Business Journals]].
8. Douglas, Danielle. (December 19, 2010). "Sandy Spring Bank in Olney pays back all of its federal TARP loan". [[The Washington Post]].
9. Lazo, Alejandro. (January 6, 2009). "Sandy Spring Bancorp Names New Chief Executive". [[The Washington Post]].
10. (May 31, 2012). "Sandy Spring Bancorp, Inc. Announces Completion of Acquisition of CommerceFirst Bancorp, Inc.". [[Globe Newswire]].
11. Haber, Gary. (December 20, 2011). "Sandy Spring Bank to buy CommerceFirst in $25.4M deal". [[American City Business Journals]].
12. (February 1, 2016). "Sandy Spring Bank's First Washington, D.C., Branch Opens for Business". [[Globe Newswire]].
13. Bhattarai, Abha. (November 15, 2015). "The region's banks flock to a new market: The District". [[The Washington Post]].
14. (August 4, 2016). "Sandy Spring Insurance Expands Team, Capabilities and Geographic Reach". [[Globe Newswire]].
15. (January 2, 2018). "Sandy Spring Bancorp, Inc. Completes Acquisition of WashingtonFirst Bankshares, Inc.". [[Globe Newswire]].
16. Medici, Andy. (January 3, 2018). "Sandy Spring wraps up $447M acquisition of WashingtonFirst Bank". [[American City Business Journals]].
17. (April 1, 2020). "Sandy Spring Bancorp Completes Acquisition of Revere Bank". [[Globe Newswire]].
18. (April 1, 2025). "Atlantic Union Bankshares Corporation Completes Acquisition of Sandy Spring Bancorp, Inc.". [[Atlantic Union Bank]].
19. Basil, Arasu Kannagi. (October 21, 2024). "Atlantic Union to buy Sandy Spring for $1.6 bln in latest US regional bank deal". [[Reuters]].