Sandy Spring Bancorp, Inc. (SASR: Quote) Thursday announced completion of its previously announced acquisition of CommerceFirst Bancorp, Inc. and its subsidiary, CommerceFirst Bank.
Under the terms of the merger, CommerceFirst shareholders will receive $13.60 in cash or 0.8043 shares of Sandy Spring common stock for each share of CommerceFirst common stock held.
With the acquisition, Sandy Spring will expand its presence in Anne Arundel, Howard and Prince George's counties in central Maryland, where CommerceFirst Bank operated 5 full service branches. CommerceFirst's President and Chief Executive Officer, Richard Morgan, will now serve as Sandy Spring's Market President for the greater Annapolis region.
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by RTT Staff Writer
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