Atlantic Union Bankshares Corporation (AUB) on October 21, 2024, entered a merger agreement to acquire smaller rival Sandy Spring Bancorp, Inc. (SASR) in an all-stock deal valued at $1.6 billion, as the regional lender seeks to strengthen its presence in Northern Virginia and Maryland.
Under the terms of the agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.900 shares of Atlantic Union common stock. This values the transaction at about $34.93 per Sandy Spring common share, representing a premium of 7.11% from the stock’s last close.