Atlantic Union Bankshares has formally completed its $1.3bn merger with Sandy Spring Bancorp, consolidating the two entities into a larger regional banking franchise across Virginia and Maryland.
The transaction, initially announced in October 2024, positions Atlantic Union Bankshares as the largest regional bank headquartered in the lower Mid-Atlantic region.
Following the merger, Sandy Spring Bank has now been integrated into Atlantic Union Bank.
Based on financial data available as of 31 December 2024 and prior to adjustments related to the merger, the combined institution reports $38.7bn in total assets, $32.1bn in deposits, and $30bn in total loans held for investment.
The all-stock transaction converted each Sandy Spring Bancorp share into 0.9 shares of Atlantic Union Bankshares common stock. Cash was issued in place of fractional shares.
As part of the merger process, three Sandy Spring directors, namely Mona Abutaleb Stephenson, Mark C. Micklem, and Daniel J. Schrider have joined the boards of directors of both Atlantic Union Bankshares and Atlantic Union Bank, effective from the merger closing date.
Atlantic Union Bankshares president and CEO John Asbury said: “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.
“We believe this transaction will help enable us to deliver sustainable long-term shareholder value.”
Founded in 1868 and headquartered in Olney, Maryland, Sandy Spring Bancorp had $14.4bn in assets, $11.7bn in deposits, and $11.5bn in loans as of 30 September 2024.
The merger adds 53 branch locations to the combined company’s network and bolsters Atlantic Union Bankshares’ presence in key markets within Maryland and Northern Virginia.
In addition to branch expansion, the transaction nearly doubles Atlantic Union Bankshares’ wealth management business, growing assets under management by over $6.5bn.
Atlantic Union Bankshares, which trades on the New York Stock Exchange under the ticker AUB, is headquartered in Richmond, Virginia. It operates as the holding company for Atlantic Union Bank. As of September 2024, the bank operated 129 branches and approximately 150 ATMs across Virginia, Maryland, and parts of North Carolina.
