Sandy Spring Bancorp, based in the US state of Maryland, has signed a definitive agreement to acquire local rival Revere Bank for nearly $460.7m.
As part of the agreement, Revere Bank will merge into Sandy Spring Bank, the banking subsidiary of Sandy Spring Bancorp.
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The Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each Revere common stock share, under this transaction. Once complete, Sandy Spring shareholders will own 74% of the combined firm, while Revere shareholders will hold the remaining stake.
The merger will create a lender with $11.2bn of assets. Additionally, it will further increase Sandy Spring’s presence in its core market and bolster its commercial portfolio.
Sandy Spring Bank president and CEO Daniel J. Schrider said: “This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally-headquartered community bank.
“Our success is evidence that our highly personalised approach to client service works, and we are well positioned for continued growth.”
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By GlobalDataHeadquartered in Rockville, Revere Bank commenced operations in November 2007 and serves businesses, professional entities, and individuals in the region.
The lender operates 11 branches and had around $2.6bn in assets, as of 30 June this year.
Revere co-president and CEO Ken Cook said: “Partnering with Sandy Spring Bank reflects our long-term commitment to our community and our clients, and we look forward to joining the company.
“Our clients will truly benefit from the extensive products and sophisticated services that they will soon have access to throughout the Greater Washington region.”
The Revere Bank acquisition is expected to close in the first quarter of 2020. The completion is subject to shareholder and regulatory nods and other customary closing conditions.
