Atlantic Union Bankshares Corporation has officially completed its merger with Sandy Spring Bancorp, Inc., creating the largest regional banking franchise headquartered in the lower mid-Atlantic. The transaction, valued at approximately $1.3 billion, saw each share of Sandy Spring common stock converted into the right to receive 0.900 shares of Atlantic Union common stock. This merger has resulted in Atlantic Union having $38.7 billion in total assets, $32.1 billion in total deposits, and $30.0 billion in total loans held for investment on a pro forma basis as of December 31, 2024. Additionally, the subsidiary bank of Sandy Spring, Sandy Spring Bank, has been merged into Atlantic Union Bank. John C. Asbury, President and CEO of Atlantic Union, expressed excitement over the merger, stating that it creates something that has never existed before and establishes Atlantic Union as the preeminent regional bank spanning the lower mid-Atlantic into the southeast. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $30.3. For the full picture, make sure to review Atlantic Union Bankshares's 8-K report.
Atlantic Union Bankshares Merger Creates Regional Banking Giant
By
Bobby Samwell
• Wednesday, April 02 10:01 •
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