Atlantic Union Bankshares Corporation Completes Acquisition of Sandy Spring Bancorp, Inc.

Atlantic Union Bank announced today the completion of its acquisition of Sandy Spring Bank. CEO John Asbury is available from 1 p.m. – 4 p.m. ET this afternoon (April 1) to discuss the impact of the merger.The completion of the merger means that Atlantic Union Bank and Sandy Spring are now officially one organization. However, they will continue to operate as two separate brands until the system conversion later this year. The merger agreement was announced in October 2024 and AUB received regulatory approval in February. This transaction strengthens Atlantic Union Bank’s presence in Maryland and creates the largest regional bank headquartered in the lower Mid-Atlantic. 

RICHMOND, Va.–(April 1, 2025)– Atlantic Union Bankshares Corporation (“Atlantic Union”) announced that it has completed its previously announced merger with Sandy Spring Bancorp, Inc. (“Sandy Spring”) today. This transaction strengthens Atlantic Union’s presence in Virginia and Maryland and creates the largest regional banking franchise headquartered in the lower Mid-Atlantic.

Under the terms of the merger agreement, each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of Atlantic Union common stock, with cash to be paid in lieu of fractional shares. Based on the closing price of Atlantic Union common stock of $31.14 on Monday, March 31, 2025, the aggregate transaction value was approximately $1.3 billion.

“We are excited to have the Sandy Spring team officially join Atlantic Union Bank,” said John C. Asbury, President and CEO of Atlantic Union. “By bringing together the number one regional bank in Virginia and the number one regional bank in Maryland, we’ve created something that’s never existed before and establishes Atlantic Union as the preeminent regional bank, with Virginia as its linchpin, that spans the lower mid-Atlantic into the Southeast. We believe this transaction will help enable us to deliver sustainable long-term shareholder value.”

In accordance with the merger agreement, Mona Abutaleb Stephenson, Mark C. Micklem and Daniel J. Schrider have been appointed to the Boards of Directors of Atlantic Union and Atlantic Union Bank, effective as of the effective time of the merger.

Subsequent to the closing, on a pro forma basis as of December 31, 2024, before merger-related adjustments, Atlantic Union had $38.7 billion in total assets, $32.1 billion in total deposits and $30.0 billion in total loans held for investment. Sandy Spring’s subsidiary bank, Sandy Spring Bank, was merged into Atlantic Union Bank today.