Merger • Financial Services

Atlantic Union Bank Acquires Sandy Spring Bank

On October 21, 2024, Atlantic Union Bank acquired financial services company Sandy Spring Bank for 1.6B USD

Acquisition Context
  • This is Atlantic Union Bank’s 5th transaction in the Financial Services sector.
  • This is Atlantic Union Bank’s largest (disclosed) transaction.
  • This is Atlantic Union Bank’s 5th transaction in the United States.
  • This is Atlantic Union Bank’s 1st transaction in Maryland.

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M&A Deal Summary

Date October 21, 2024
Target Sandy Spring Bank
Sector Financial Services
Buyer(s) Atlantic Union Bank
Deal Type Merger
Deal Value 1.6B USD
Advisor(s) Keefe, Bruyette & Woods (Financial)
Kilpatrick Townsend & Stockton (Legal)

Target Company

Sandy Spring Bank

Olney, Maryland, United States
Sandy Spring Bank is a community bank that offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services. Sandy Spring Bank was founded in 1868 and is based in Olney, Maryland.
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Buyer Overview 1

Buyer

Atlantic Union Bank

Glen Allen, Virginia, United States

Category Company
Founded 1902
Sector Financial Services
Employees2,125
Revenue 817M USD (2024)
DESCRIPTION

Atlantic Union Bank is the holding company for Atlantic Union Bank, which operates 149 branches and approximately 170 ATMs across Virginia, as well as parts of Maryland and North Carolina. Atlantic Union Bank was incorporated in 1902 and is based in Richmond, Virginia.


Deal Context for Buyer #
Overall 5 of 5
Sector: Financial Services 5 of 5
Type: Merger 2 of 2
State: Maryland 1 of 1
Country: United States 5 of 5
Year: 2024 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-01 American National

Danville, Virginia, United States

American National provides financial services including savings, round-up savings, digital solutions, mortgages, personal loans, treasury management, loans & lines of credit, commercial insurance, title insurance, asset management services, trust services, and investment services. American National was formed in 1909 and is based in Danville, Virginia.

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