By Colin Kellaher
Atlantic Union Bankshares has agreed to buy fellow bank holding company Sandy Spring Bancorp in a $1.6 billion stock swap that will create a lower Mid-Atlantic regional bank with total assets topping $39 billion.
Richmond, Va.-based Atlantic Union on Monday said it will issue 0.9 shares, worth about $34.93 based on Friday's closing price of $38.81, for each shares of Sandy Spring, a 7.1% premium to Friday's closing price of $32.61 for the Olney, Md., company.
Shares of Sandy Spring rose 2.9% to $33.56 in premarket trading Monday, while Atlantic Union shares edged down 0.8% to $38.50.
The deal is slated to close by the end of the third quarter of 2025.
Atlantic Union has 129 branches located throughout Virginia and in portions of Maryland and North Carolina, while Sandy Spring has more than 50 locations in the greater Washington, D.C., region.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 21, 2024 06:57 ET (10:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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