Sandy Spring Bancorp Completes Acquisition of Rembert Pendleton Jackson
Sandy Spring Bancorp, Inc. (Nasdaq: SASR, “Sandy Spring”), the parent company of Sandy Spring Bank, announced today that it completed the acquisition of Rembert Pendleton Jackson (RPJ), a financial planning and investment advisory firm located in Falls Church, Virginia.
"The reputation, culture and long-tenured staff of Rembert Pendleton Jackson complement our organization and expand the wealth management services we can offer our clients," according to Lou Caceres, Executive Vice President of Sandy Spring Bank.
RPJ will continue to operate under the name, Rembert Pendleton Jackson, and Charles E. Rembert, CFP®, AIF®, Principal, will lead the company as Chairman and CEO, and will report to Caceres at Sandy Spring Bank.
“Like RPJ, Sandy Spring Bank has an impressive track record and a long history of strong performance in the Greater Washington region. This partnership is a win-win for our clients and community,” said Rembert. “Our highest priority has been, and will continue to be, to provide fee-only investment advisory and financial planning services to our clients. This relationship will allow these services to continue.”
RPJ was founded in 1974 and currently has more than $1.3 billion in assets under management (AUM). The combined AUM under Sandy Spring Bank’s wealth management arms is now approximately $4.5 billion. The transaction was first announced on November 6, 2019. Sandy Spring was advised on the transaction by Raymond James | Silver Lane Advisors.
About Sandy Spring Bancorp, Inc./Sandy Spring Bank
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Sandy Spring and RPJ. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Sandy Spring’s and RPJ’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “may,” “will,” “would,” “could,” “should” or other similar words and expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Sandy Spring does not undertake any obligation to update any statement in light of new information or future events.
In addition to factors previously disclosed in Sandy Spring’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), the following factors among others, could cause actual results to differ materially from those in its forward-looking statements: (i) the possibility that any of the anticipated benefits of the proposed transaction between Sandy Spring and RPJ will not be realized or will not be realized within the expected time period; (ii) the risk that integration of operations of RPJ with those of Sandy Spring will be materially delayed or will be more costly or difficult than expected; (iii) general economic conditions and trends, either nationally or locally; (iv) conditions in the securities markets; (v) changes in interest rates; and (vi) changes in the demand for investment products and other financial services.
Sam Price, Vice President
Sandy Spring Bank