Sandy Spring Bank

Sandy Spring Bancorp, Inc.
Public company
Traded as NASDAQ: SASR
Russell 2000 Component
Industry Banking
Founded 1868 (1868)[1]
Headquarters Olney, Maryland
Number of locations
 44 branches and 6 financial centers (2016)[2]
Area served
 Washington metropolitan area
Key people
 Daniel J. Schrider, President and CEO[2]
Products Financial Services
Revenue Increase US$177.267 million (2016)[2]
Increase US$48.250 million (2016)[2]
Total assets Increase US$5.091 billion (2016)[2]
Total equity Increase US$533.572 million (2016)[2]
Number of employees
 752 (2016)[2]
Website www.sandyspringbank.com

Sandy Spring Bancorp, Inc., is a bank holding company headquartered in Olney, Maryland and operating in the Washington metropolitan area.

Current operations

The company operates the following subsidiaries:[2]

History

In 1868, farmers who were Quakers founded Sandy Spring Bank in order to pool their savings to make home loans to people living nearby.[3]

In December 2001, Sandy Spring Bank acquired Chesapeake Insurance Group of Annapolis. Originally founded as Hartman Agency in Baltimore in 1943, the new subsidiary was renamed Sandy Spring Insurance Corp.[4][5]

In February 2007, Sandy Spring Bank acquired Potomac Bank of Virginia for $64.7 million.[6][7]

In June 2007, Sandy Spring Bank acquired County National Bank of Glen Burnie for $44.1 million.[8][9]

During the financial crisis of 2007–2008, Sandy Spring Bank removed many troubled commercial and residential loans from its balance sheet. The company received an investment of $82 million from the Troubled Asset Relief Program and the amount was repaid in December 2010, making Sandy Spring one of the first community banks in the Washington metropolitan area to repay its TARP investment.[10]

In January 2009, Daniel J. Schrider was promoted to chief executive officer, succeeding Hunter R. Hollar. Schrider joined the company as a lender in 1989.[11]

In May 2012, Sandy Spring Bank acquired CommerceFirst Bank of Annapolis for $25.4 million.[12][13]

In February 2016, the bank opened its first branch in the District of Columbia.[14][15]

In 2017, Sandy Spring acquired WashingtonFirst Bank for $489 million, creating the largest community bank headquartered in the Washington metropolitan area.[16]

References

  1. ↑ Sandy Spring Bank: Our Story
  2. 1 2 3 4 5 6 7 8 9 Sandy Spring Bancorp, Inc. 2016 Form 10-K Annual Report
  3. ↑ "Charting Sandy Spring Bank's History, Identity and Future". The Washington Post. January 12, 2009.
  4. ↑ "Sandy Spring Bank to Acquire Chesapeake Insurance Group" (Press release). PRNewswire. October 24, 2001.
  5. ↑ Berk, Michele (December 7, 2001). "Sandy Spring closes deal with Chesapeake Insurance". American City Business Journals.
  6. ↑ "Sandy Spring Bancorp Completes Acquisition of Potomac Bank of Virginia" (Press release). PRNewswire. February 16, 2007.
  7. ↑ Adler, Neil (October 11, 2006). "Sandy Spring Bancorp to buy Potomac Bank for $64.7M". American City Business Journals.
  8. ↑ "Sandy Spring Bancorp Completes Acquisition of CN Bancorp, Inc. of Glen Burnie, MD" (Press release). PRNewswire. June 1, 2007.
  9. ↑ Adler, Neil (December 14, 2006). "Sandy Spring Bank to buy County National for $44.1M". American City Business Journals.
  10. ↑ Douglas, Danielle (December 19, 2010). "Sandy Spring Bank in Olney pays back all of its federal TARP loan". The Washington Post.
  11. ↑ Lazo, Alejandro (January 6, 2009). "Sandy Spring Bancorp Names New Chief Executive". The Washington Post.
  12. ↑ "Sandy Spring Bancorp, Inc. Announces Completion of Acquisition of CommerceFirst Bancorp, Inc" (Press release). Globe Newswire. May 31, 2012.
  13. ↑ Haber, Gary (December 20, 2011). "Sandy Spring Bank to buy CommerceFirst in $25.4M deal". American City Business Journals.
  14. ↑ "Sandy Spring Bank's First Washington, D.C., Branch Opens for Business" (Press release). Globe Newswire. February 1, 2016.
  15. ↑ Bhattarai, Abha (November 15, 2015). "The region's banks flock to a new market: The District". The Washington Post.
  16. ↑ "Sandy Spring Bancorp Acquisition of WashingtonFirst Bankshares to Create Region's Largest, Locally-Headquartered Community Bank" (Press release). Globe Newswire. May 16, 2017.
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