OLNEY, Md., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq: SASR), the parent company of Sandy Spring Bank, announced it has reached an agreement to acquire Rembert Pendleton Jackson (RPJ), an investment and financial advisory firm located in Falls Church, Virginia. Founded in 1974, RPJ currently has more than $1.3 billion in assets under management (AUM). Upon closing the transaction, the combined AUM under Sandy Spring Bank’s wealth management arms will be approximately $4.5 billion.
"Rembert Pendleton Jackson is a well-respected firm with a long-tenured and high-performing team. Their commitment to this region and strong culture focused on exceptional client service align with our core values,” said Lou Caceres, Executive Vice President of Sandy Spring Bank. “This strategic acquisition expands our wealth management services, builds on our growth momentum and continues to deepen our presence in our core market.”
The acquisition of RPJ further demonstrates Sandy Spring Bank’s commitment to providing financial services to individuals, families and businesses at every stage of life and aligns with the company’s strategic objective of diversifying sources of noninterest income. Sandy Spring Bank operates more than 50 locations throughout Maryland, Northern Virginia and Washington, D.C. The company offers a range of commercial and retail banking, mortgage, private banking, and trust services, as well as a comprehensive menu of insurance and wealth management services through its subsidiaries. Sandy Spring Bank has demonstrated consistent momentum through its strong financial performance and strategic growth throughout the Greater Washington region, including its recently announced acquisition of Revere Bank.
With more than three decades of service to the national capital area, RPJ is a fee-only advisory firm and has been solely registered with the Securities and Exchange Commission since 1984. Collectively, the principals have more than 100 years of experience.
Clients will not experience any impact or notice any changes. RPJ will continue to operate under the name, Rembert Pendleton Jackson, and Charles E. Rembert, CFP®, AIF®, Principal, will lead the company as President and will report to Caceres at Sandy Spring Bank. Rembert Pendleton Jackson’s senior leadership and registered investment advisors will continue to serve their clients directly.
“Like RPJ, Sandy Spring Bank has an impressive track record and a long history of strong performance in the Greater Washington region. This partnership is a win-win for our clients and community,” said Rembert. “We’re excited to provide our clients access to a broader suite of services at Sandy Spring Bank. Our highest priority has been, and will continue to be, to provide fee-only investment advisory and financial planning services to our clients. This relationship will allow these services to continue.”
The transaction is expected to be completed in the first quarter of 2020. Sandy Spring was advised on the transaction by Raymond James | Silver Lane Advisors.
About Sandy Spring Bancorp, Inc./Sandy Spring Bank
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services. Visit www.sandyspringbank.com for more information.
About Rembert Pendleton Jackson
Rembert Pendleton Jackson, based in Falls Church, Virginia, serves more than 900 clients from around the nation's capital and over 35 states. Their registered investment advisors manage more than $1.3 billion in assets with a mission to help individuals and families, foundations and institutions realize their financial goals. Further information on Rembert Pendleton Jackson can be obtained by visiting its website at https://www.rpjadvisors.com.
