Sandy Spring Bank Completes Conversion of All Systems and Branding After WashingtonFirst Bank Acquisition
Now Largest Locally-based Community Bank with Assets Of $7.8 Billion
OLNEY, MARYLAND, March 5, 2018 – Sandy Spring Bancorp, Inc. (NASDAQ: SASR, “Sandy Spring”) announced today that the transition of WashingtonFirst Bank to Sandy Spring Bank is complete, including the full conversion of all systems and branding. Sandy Spring Bancorp, Inc. completed the acquisition of WashingtonFirst Bankshares, Inc. (“WashingtonFirst”) effective January 1, 2018, but today is celebrated as “Client Day One” in recognition of full conversion of all systems and branding providing all clients full access.
“With full conversion complete today, all clients now have direct access to all of our comprehensive products and services with more branches across the region, especially in DC and Virginia,” said Daniel J. Schrider, President and CEO of Sandy Spring Bank. “This is an important year for us as we mark our 150th anniversary of serving this region. Now we have completed our acquisition of WashingtonFirst Bank and are poised for future growth.”
Although WashingtonFirst Bank’s name has changed to Sandy Spring Bank, many things will not change for WashingtonFirst customers. See the Sandy Spring Bank website for more information at www.sandyspringbank.com/welcome.
Sandy Spring Bank is now the region’s largest, locally-headquartered community bank with combined assets of approximately $7.8 billion. Two successful community banks have joined together to become a premier bank in the region and, now combined, will continue to provide remarkable client experiences, build long-lasting relationships and help people and businesses reach their financial goals.
“We remain committed to investing in the communities we serve and are dedicated to providing personalized service to all of our clients, because we truly understand that real life requires real banking. This unique approach is what sets us apart,” said Schrider.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank. Independent and community-oriented, Sandy Spring Bank offers a broad range of commercial banking, retail banking, mortgage and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.
Forward-Looking Statements
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. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Sandy Spring’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 undertakes no obligation to update any statement in light of new information or future events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
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 acquisition of WashingtonFirst will not be realized or will not be realized within the expected time period; (ii) the risk that integration of operations of WashingtonFirst 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; (vi) changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; (vii) changes in real estate values; (viii) changes in the quality or composition of Sandy Spring’s loan or investment portfolios; (ix) changes in competitive pressures among financial institutions or from non-financial institutions; (x) the ability to retain key members of management; and (xi) changes in legislation, regulations, and policies.
Media Contact:
Amalia Kastberg
Sandy Spring Bank
301.774.8465
akastberg@sandyspringbank.com