Sandy Spring to merge with Revere Bank for $461m.

Sandy Spring Bancorp and Sandy Spring Bank, a wholly-owned subsidiary of Sandy Spring, acquired Revere Bank. Pursuant to the terms and subject to the conditions of the Merger Agreement, Revere Bank will merge with and into Sandy Spring Bank, with Sandy Spring Bank as the surviving entity. Under the terms of the agreement, Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each share of Revere common stock. The transaction, which is expected to close in the first quarter of 2020, has a value of $461m. Revere, headquartered in Rockville, has 11 banking offices and more than $2.6bn in assets. Revere has achieved exceptional growth and momentum, as demonstrated by their record annual earnings in 2018 and record quarterly earnings announced in June 2019. With combined assets of $11.2bn, this acquisition deepens Sandy Spring’s presence in its core market and authoritatively pushes the company through an important growth benchmark of $10bn. “Our company has great momentum and the announcement today reinforces our position of strength in this market. Over the past two years we have significantly expanded our geographic footprint, delivered record annual earnings, marked our 150th anniversary, and continued to build out a strong team of local professionals and industry experts. 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 personalized approach to client service works, and we are well positioned for continued growth.” Daniel J. Schrider, Sandy Spring Bank President and Chief Executive Officer.