Upon deal completion, Sandy Spring will merge with and into Atlantic Union. Credit: Atstock Productions/Shutterstock.

Atlantic Union Bankshares and Sandy Spring Bancorp have secured shareholders’ and regulatory approvals for the combination of their businesses.

The transaction is anticipated to complete on 1 April 2025, contingent on the fulfilment or waiver of standard closing conditions.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

First announced in October 2024, the deal involves the acquisition of Maryland-based Sandy Spring by Virginia-based Atlantic Union for nearly $1.6bn.

Each outstanding share of Sandy Spring common stock will be exchanged for the right to receive 0.900 shares of Atlantic Union common stock.

Upon deal completion, Sandy Spring will merge with and into Atlantic Union.

Atlantic Union president and CEO John Asbury said: “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 1 April 2025.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

Sandy Spring chair, president and CEO Daniel Schrider said: “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.”

The companies anticipate the merger to create the largest regional bank headquartered in the lower Mid-Atlantic, while also strengthening the combined company’s foothold in Northern Virginia and Maryland.

Three members of Sandy Spring’s board of directors, including Dan Schrider, will secure seats on the Atlantic Union board post deal completion.

Established in 1868, Sandy Spring had $14.4bn in assets, $11.7bn in total deposits, and $11.5bn in total loans as of 30 September 2024.