Atlantic Union Bankshares and Sandy Spring Bancorp Finalize Merger Details
Atlantic Union Bankshares Corporation (NYSE: AUB) and Sandy Spring Bancorp, Inc. (NASDAQ: SASR) are thrilled to announce that the merger between these two prominent banks has received full shareholder and regulatory approvals necessary to move forward. Today marks a significant milestone in their journey, having completed special meetings to finalize everything and set the course for an impactful future.
Approval of Shareholder and Regulatory Milestones
Today, both banks confirmed that their respective shareholders have endorsed the merger plan, a pivotal step toward combining operations. Alongside shareholder agreement, all essential regulatory green lights have emerged, clearing the path for completion of this transformative merger.
Words from Leadership
John C. Asbury, President and CEO of Atlantic Union, expressed his excitement, stating, "We are pleased to have received all necessary approvals, and we're on schedule to close the transaction on a specified date in the future.” This merger is anticipated to create a formidable franchise that is set to bridge the best banking solutions across Virginia and Maryland.
Additionally, Daniel J. Schrider, Chair, President, and CEO of Sandy Spring, voiced his enthusiasm regarding the merger, stating, "This partnership will usher in a new chapter for both institutions, and we look forward to the innovative solutions we will bring to our customers.”
Benefits of the Merger
As the integration process begins, both Atlantic Union and Sandy Spring are optimistic about the advantages this merger holds. The consolidation will yield a broadened branch network, enhanced service offerings, and a robust benefit plan benefiting both clients and communities. It aims to combine the strengths of both banks to offer unparalleled customer service and experienced financial solutions.
Growth and Opportunities for Employees and Customers
This merger brings not just potential financial benefits but also an array of career opportunities for employees. As operations unify, staff from both banks will gain access to expanded resources and capabilities designed to foster professional growth. Furthermore, clients will now enjoy a streamlined access to services, all under a single, credible banking umbrella.
About Atlantic Union Bankshares Corporation
Atlantic Union Bankshares Corporation, based in Richmond, is recognized for its extensive network of branches, boasting 129 locations in Virginia and portions of Maryland and North Carolina. They offer a comprehensive suite of services that includes equipment financing, brokerage services, and various insurance products through its affiliates.
About Sandy Spring Bancorp, Inc.
Sandy Spring, located in Olney, operates over 50 banking locations. The bank specializes in community banking, offering commercial and retail banking solutions alongside wealth management services through its subsidiaries in the Greater Washington, D.C. area. This commitment to community engagement and diverse service offerings positions them as a leader in their market.
Frequently Asked Questions
What is the significance of the merger between Atlantic Union and Sandy Spring?
This merger stands to significantly enhance service offerings for customers by creating a larger and more resourceful banking institution.
What benefits will customers expect from this merger?
Customers will enjoy an expanded branch network, a variety of enhanced products and services, aimed at improving their banking experience.
How many locations will the merged entity operate?
The combined organization is expected to have over 180 branches spanning across Virginia, Maryland, and North Carolina.
When will the merger officially close?
The merger is on track to close as scheduled, following the fulfillment of all customary closing conditions.
Who should customers contact for more information?
Customers can reach out to their respective bank representatives for detailed information regarding transitions and available services post-merger.
