Richmond, Virginia-based Atlantic Union Bankshares has completed its acquisition of Olney, Maryland-based Sandy Spring Bancorp, creating one of the largest banks in the mid-Atlantic.
The acquisition, first announced last October, was an all-stock transaction valued at $1.3 billion.
Sandy Spring is one of the oldest banks in the region, founded in 1868. Its branches will continue to operate under the Sandy Spring name while system conversions are completed — expected by the end of the year.
The merger creates the sixth-largest bank by deposits in the D.C. region, according to Washington Business Journal data. It has combined assets of $39 billion. The merged banks have 180 branches in the mid-Atlantic region.
“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,” said Atlantic Union President and CEO John Asbury.
Atlantic Union ranked No. 3 on JD Power’s annual list of top banks in the mid-Atlantic for customer satisfaction. The list was topped by Capital One Financial and Chase Bank.
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Jeff Clabaugh has spent 20 years covering the Washington region’s economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.