Investment Banking - Sandy Spring Bancorp, Inc.
Transactions | Banking
Client: Sandy Spring Bancorp, Inc.
Transaction Type: Mergers & Acquisitions
Role: Fairness Opinion
Sandy Spring Bancorp, Inc. announces definitive agreement to acquire Revere Bank
- Sandy Spring Bancorp, Inc. (NASDAQ: SASR) (“Sandy Spring”), the holding company for Sandy Spring Bank, is headquartered in Olney, MD. Sandy Spring had assets of $8.4 billion, $6.5 billion in loans, and $6.4 billion in deposits as of June 30, 2019.
- Revere Bank (OTCQX: REVB) (“Revere”), a Maryland state-chartered bank headquartered in Rockville, commenced operations in November 2007 with 11 branches located in the suburban Maryland counties of Anne Arundel, Baltimore, Frederick, Howard, Montgomery, and Prince George’s. As of June 30, 2019, Revere had assets of $2.6 billion, $2.3 billion in loans, and $2.1 billion in deposits.
- Under the terms of the agreement, 100% of Revere common shares will be converted into Sandy Spring common stock. Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each common share of Revere they own. The transaction is valued at approximately $460.7 million.
- The transaction is expected to close in late first quarter of 2020.
- Boenning & Scattergood, Inc. rendered a fairness opinion to Sandy Spring.