Atlantic Union Bankshares Corporation (AUB) Monday said it has agreed to acquire Sandy Spring Bancorp (SASR) in an all-stock transaction valued about $1.6 billion.
"With today's announcement of our partnership with Sandy Spring, Atlantic Union will create a preeminent regional bank, with Virginia as its linchpin, that spans the lower mid-Atlantic into the Southeast and that is committed to the communities it serves," said John Asbury, President and Chief Executive Officer of Atlantic Union.
As per the terms of the deal, Sandy Spring shareholders will get 0.9 shares of Atlantic Union for each Sandy Spring share they own. This values the transaction at about $34.93 per Sandy Spring share, based on Atlantic Union's closing stock price on October 18, 2024.
The acquisition will enhance the combined company's Mid-Atlantic banking presence by adding 53 branch locations and Atlantic Union's wealth business will be nearly doubled through the addition of assets under management of more than $6.5 billion.
The combined company will have total assets of $39.2 billion, deposits of $32.0 billion and gross loans of $29.8 billion, based on financial data as of September 30, 2024.
The transaction is expected to conclude by the end of the third quarter of 2025.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.