OLNEY, Md., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (NASDAQ: SASR), the parent company of Sandy Spring Bank, announced that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System and the Maryland Office of the Commissioner of Financial Regulation to complete the merger of Revere Bank (OTCQX: REVB, “Revere”) into Sandy Spring Bank.
A special meeting of shareholders of Sandy Spring has been called for February 11, 2020, at 2:00 p.m. at Sandy Spring headquarters located at 17801 Georgia Avenue, Olney, MD 20832, to approve the issuance of common stock in connection with the merger. The Revere Bank special meeting to consider the approval of the merger agreement will be held on the same day at Revere’s corporate headquarters located at 2101 Gaither Road, Suite 600, Rockville, Maryland 20850, at 1:00 p.m. The transaction is expected to close at the end of the first quarter of 2020, subject to the receipt of all required shareholder approvals and the satisfaction of other customary closing conditions.
About Sandy Spring Bancorp, Inc.
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.
About Revere Bank
Revere Bank is a Maryland-state chartered bank that commenced operations in November 2007. The Bank is headquartered in Rockville and has 11 branches located in the suburban Maryland counties of Anne Arundel, Baltimore, Frederick, Howard, Montgomery, and Prince George’s. The Bank is a community-based, full-service commercial bank that emphasizes the banking needs of community-based businesses, professional entities, and individuals. Further information on Revere Bank can be obtained by visiting its website at www.reverebank.com.
