Atlantic Union Bankshares Corporation (“Atlantic Union”) (NYSE: AUB) and Sandy Spring Bancorp, Inc. (“Sandy Spring”) (NASDAQ: SASR) jointly announced that Atlantic Union’s shareholders and Sandy Spring’s stockholders have approved the previously announced merger of Sandy Spring with and into Atlantic Union at their respective special meetings held today. Additionally, all required bank regulatory approvals have been received to complete the merger.
“We are pleased to have received all necessary bank regulatory approvals and each company’s shareholder and stockholder approvals to proceed with the merger and remain on track to close the transaction on April 1, 2025,” said John C. Asbury, President and CEO of Atlantic Union. “The merger will create a unique franchise by combining the #1 regional depository market share bank in Virginia with the #1 regional depository market share bank in Maryland. We believe the merger will benefit our customers and markets with an expanded and even more convenient branch network, enhanced product offerings, a robust community benefit plan and access to more capital. We also believe it will benefit our Teammates with expanded career opportunities, resources and capabilities. Further, we believe the merger will benefit the combined company’s shareholders by positioning us well to deliver differentiated financial performance.”
“We are very excited to reach this important milestone as we work to bring together two great companies. It has been inspiring to see colleagues from both banks design, collaborate, and transform together to make this combination a success. This partnership will begin a new chapter, and we can’t wait to see what we accomplish together,” said Daniel J. Schrider, Chair, President and CEO of Sandy Spring.
The merger is expected to close on April 1, 2025, subject to the satisfaction or waiver of customary closing conditions.
