Sandy Spring Bancorp, Inc. (SASR): History, Ownership, Mission, How It Works & Makes Money

Do you defintely understand the scale of the new regional powerhouse that is Sandy Spring Bancorp, Inc. (SASR), especially after its major strategic move in early 2025? This institution, long the largest locally-headquartered community bank in the Greater Washington, D.C. region, has fundamentally reshaped its future by merging with Atlantic Union Bankshares Corporation, creating a combined entity with pro forma assets estimated at around $38 billion and deposits of roughly $32 billion.

This combination merges the number one regional depository market share bank in Virginia with the number one in Maryland, a powerful signal of its new market dominance. To be fair, while the 2024 fiscal year saw net income at a challenging $19.9 million due to a non-cash goodwill impairment charge, the core earnings for the fourth quarter of 2024 were a solid $21.0 million, showing the underlying business strength. How does a bank with this kind of history and this level of institutional ownership-at 70.90% as of May 2025-actually work and make money in this newly consolidated market?

Sandy Spring Bancorp, Inc. (SASR) History

You're looking for the foundational story of Sandy Spring Bancorp, Inc., and honestly, it's a classic community-bank-to-regional-powerhouse tale, but with a definitive, recent twist. The bank's journey spans over 150 years, but its final, most transformative chapter closed in April 2025 with its acquisition by Atlantic Union Bank.

The core of this company was its commitment to a local, relationship-driven model, which allowed it to grow into the largest community bank headquartered in the Greater Washington, D.C. region before the final merger.

Given Company's Founding Timeline

Year established

The institution was established in 1868, making it one of the oldest financial institutions in the Mid-Atlantic region.

Original location

It was originally located in Sandy Spring, Maryland, founded to serve the local community's savings and loan needs.

Founding team members

The bank was founded by local farmers who were Quakers, a group known for their community focus and thrift. Key individuals included Caleb Stabler, Samuel Elgar, and Edward Bentley.

Initial capital/funding

The original capital was a modest $25,000, pooled from the savings of its founding members to provide home loans to neighbors.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most crucial shift wasn't a single event, but a strategic pivot toward commercial banking, plus a series of aggressive, well-timed acquisitions. The company realized that to compete in the affluent and complex D.C. metro market, it had to move beyond simple savings and loans.

Here's the quick math on that growth: the 2018 acquisition of WashingtonFirst Bankshares for nearly $489 million was a game-changer, cementing its status as a major regional player. This set the stage for the final, major transaction.

The ultimate transformative moment, defintely, was the merger with Atlantic Union Bank, which closed on April 1, 2025. This transaction, valued at approximately $1.6 billion, combined the largest regional depository market share bank in Virginia with the largest in Maryland. The combined company immediately projected full-year 2025 loan balances of $28-29 billion and deposit balances of $31-32 billion.

• Shifted focus to comprehensive commercial banking services to cater to businesses of all sizes.
• Repaid the $82 million TARP investment early in 2010, signaling strong capital health to the market.
• Reported Q1 2025 revenue of $171.05 million, beating forecasts, but also an Earnings Per Share of -$0.87 for the same quarter, showing the complexity of the pre-merger financial landscape.
• Accelerated the core systems conversion to October 2025, four months earlier than planned, to speed up the realization of cost savings from the merger.

To be fair, the company's mission and values were a constant throughout this evolution, providing the bedrock for its community-focused strategy. You can read more about that here: Mission Statement, Vision, & Core Values of Sandy Spring Bancorp, Inc. (SASR).

Sandy Spring Bancorp, Inc. (SASR) Ownership Structure

As of November 2025, Sandy Spring Bancorp, Inc. no longer operates as an independent entity; it was acquired by and merged into Atlantic Union Bankshares Corporation on April 1, 2025. This corporate action converted all former Sandy Spring Bancorp common stock into Atlantic Union Bankshares common stock, fundamentally changing the ownership and control structure.

Given Company's Current Status

Sandy Spring Bancorp, Inc. is a former publicly traded company. Its common stock, which previously traded on the NASDAQ Global Select Market under the ticker symbol SASR, was officially delisted and ceased trading on April 1, 2025, when the merger with Atlantic Union Bankshares Corporation was completed. The total consideration for the merger was approximately 42 million shares of Atlantic Union Bankshares common stock. What this estimate hides is the end of a 30-year streak of consecutive dividend payments for the former Sandy Spring Bancorp shareholders.

The company, which was the bank holding company for Sandy Spring Bank, is now consolidated into Atlantic Union Bank, which is the surviving bank. So, the focus shifts to the combined entity's strategy, which includes an accelerated core systems conversion to October 2025, expected to accelerate the achievement of full transaction cost savings of 27% of Sandy Spring's expense base in 2026. Mission Statement, Vision, & Core Values of Sandy Spring Bancorp, Inc. (SASR).

Given Company's Ownership Breakdown

Prior to the merger, Sandy Spring Bancorp, Inc. had a typical public company ownership profile, heavily weighted toward institutional investors. The ownership structure below reflects the final reported breakdown as of May 2025, just after the merger's effective date, before the conversion fully settled across all accounts. Here's the quick math on who held the shares:

Honestly, that 70.90% institutional ownership is a defintely high number, meaning the company's stock price was largely driven by the decisions of a few dozen major funds and institutions. The merger terms converted each share of Sandy Spring Bancorp common stock into 0.900 shares of Atlantic Union Bankshares common stock.

Given Company's Leadership

The leadership team of Sandy Spring Bancorp, Inc. ceased their roles upon the completion of the merger on April 1, 2025. This is the most important point for understanding governance today. However, key former leaders who steered the company through the merger process included:

• Daniel J. Schrider: Former Chair, President, and Chief Executive Officer (CEO). He had been with the company for 35 years and was CEO since 2009.
• Charles S. Cullum: Former Executive Vice President (EVP) and Chief Financial Officer (CFO).
• Robert Orndorff: Former Chairman of the Board.

As part of the deal, three former Sandy Spring Bancorp board members were appointed to the board of directors of Atlantic Union Bankshares Corporation to help integrate the two entities and ensure continuity. This is how the decision-making structure transitioned, moving the former company's strategic direction to the surviving entity's executive team and board.

Sandy Spring Bancorp, Inc. (SASR) Mission and Values

Sandy Spring Bancorp, Inc. (SASR) anchors its strategy not just on quarterly earnings, but on being the premier community bank in the Greater Washington region, building client success through local expertise and exceptional service. This focus on community and relationship banking is their cultural DNA, especially critical now given the pending merger with Atlantic Union Bankshares Corporation, expected to close in early 2025.

You're looking for a clear picture of what drives this bank beyond its balance sheet, and honestly, their mission is a solid, relationship-driven commitment to the local market. For a bank with total assets of around $14.1 billion at the end of 2024, that local focus is a big deal.

Given Company's Core Purpose

The core purpose of Sandy Spring Bancorp is to be the essential financial partner in its operating region. This means translating their century-old history-founded in 1868-into modern, tailored financial solutions.

Here's the quick math on their reach: they operate with over 50 locations across Maryland, Virginia, and Washington, D.C., and their goal is to be the recognized leader in that specific, economically robust metropolitan area.

Official mission statement

The formal mission statement is a direct declaration of their market ambition and service promise. It's a clear target for every employee, from the commercial lending team managing their $11.5 billion loan portfolio to the wealth management advisors.

• To be the premier community bank in the Greater Washington region, recognized for our exceptional service, local expertise, and commitment to the success of our clients and communities.

This mission is defintely a guide for how they generate their revenue, which was approximately $0.40 billion USD (Trailing Twelve Months as of November 2025).

Vision statement

The vision statement breaks down that premier status into concrete, actionable pillars. It's not just about being big; it's about being the best in their specific niche. What this estimate hides, though, is how the pending merger will redefine the scope of this vision.

• Be the leading bank in the Greater Washington region.
• Provide exceptional service.
• Offer local expertise.
• Commit to the success of clients and communities.

Their focus on local expertise is a key differentiator against national banks, helping them maintain strong client relationships even when facing a challenging operating environment, like the one that led to a 2024 Net Income of $19.9 million.

Given Company slogan/tagline

A good tagline simplifies the complex mission into an empathetic, memorable promise. Sandy Spring Bancorp's is short, direct, and emphasizes their availability and relationship-first approach to banking.

• Here For You.

You can read more about how these values guide their operations and future strategy, especially as they navigate the upcoming integration: Mission Statement, Vision, & Core Values of Sandy Spring Bancorp, Inc. (SASR).

Sandy Spring Bancorp, Inc. (SASR) How It Works

You're looking for a clear picture of Sandy Spring Bancorp, Inc.'s operations, but the reality is that the company completed its merger with Atlantic Union Bankshares Corporation on April 1, 2025, which fundamentally changed its operational scale and market position.

The former Sandy Spring Bank operates today as a key part of the larger Atlantic Union Bank, focusing on providing a full suite of commercial and retail banking services to individuals and middle-market businesses across the Greater Washington, D.C. region and the Mid-Atlantic. Its value creation model hinges on generating Net Interest Income (NII) from its loan and deposit activities, plus a steady stream of non-interest income from its robust wealth management and trust services.

Given Company's Product/Service Portfolio

The core business is built on relationship banking, where commercial lending and wealth management drive the highest returns. They definitely offer more than just basic checking accounts.

Given Company's Operational Framework

The operational framework, now integrated under Atlantic Union Bankshares Corporation, is built around a community bank model with the scale of a larger regional player, allowing for both personalized service and significant lending capacity.

Here's the quick math on the combined scale: For the full 2025 fiscal year, the combined entity is guiding for total loan balances between $28 billion and $29 billion and total deposit balances between $31 billion and $32 billion.

• Relationship-Centric Lending: Prioritize deep, multi-product relationships with commercial clients, which often include both a business loan and a wealth management relationship, driving higher customer lifetime value.
• Diversified Funding: Maintain a strong, stable deposit base (deposits were approximately $11.3 billion for Sandy Spring Bank alone as of March 31, 2025), which reduces reliance on more volatile wholesale funding sources.
• Geographic Focus: Concentrate operations within the high-wealth, high-growth Greater Washington, D.C. region, central Maryland, and northern Virginia, which offers a more stable economic environment than many other regional markets.
• Revenue Generation: Aim for a Net Interest Margin (NIM)-the profit margin on lending-of 3.75% to 4.0% for the combined company in 2025, which is the primary driver of earnings, plus non-interest income from wealth management.

The integration process is the current operational priority, and full transaction cost savings are expected to be realized by 2026.

Given Company's Strategic Advantages

The biggest strategic advantage as of November 2025 is the successful completion of the merger, which fundamentally changed the competitive landscape. This move created a larger, more defintely diversified regional bank.

• Enhanced Scale and Reach: The merger with Atlantic Union Bankshares Corporation immediately expanded its footprint across the Mid-Atlantic, providing a larger platform to compete for market share against national banks.
• Wealth Management Platform: The established wealth management business (including the Rembert Pendleton Jackson and West Financial Services subsidiaries) provides a crucial source of non-interest income, which helps stabilize revenue during periods of interest rate volatility.
• Strong Capital Position: Sandy Spring Bank maintained a robust capital base prior to the merger, with a Common Equity Tier 1 (CET1) risk-based capital ratio of 11.36% at the end of 2024, well above the regulatory 'well-capitalized' threshold. This provides a buffer for economic downturns and supports future lending growth.
• Community Bank Model, Regional Power: It retains the local decision-making and relationship focus of a community bank while leveraging the larger balance sheet and technology resources of the combined entity to serve more complex commercial clients. This allows the bank to target a sizeable opportunity to take market share from the 'Big Three' national banks in its core markets.

For more on the foundational principles guiding the integrated operations, you should review the Mission Statement, Vision, & Core Values of Sandy Spring Bancorp, Inc. (SASR).

Sandy Spring Bancorp, Inc. (SASR) How It Makes Money

Sandy Spring Bancorp, Inc. made money the way most regional banks do: by borrowing money cheaply (deposits) and lending it out at a higher rate, a process called spread lending. The bank's financial engine, however, was in a state of transition right up to its acquisition by Atlantic Union Bankshares Corporation on April 1, 2025, with a growing reliance on non-interest fee income to offset pressure on lending margins.

Sandy Spring Bancorp's Revenue Breakdown

The vast majority of Sandy Spring Bancorp's revenue came from its loan portfolio, but a strategic push into wealth management and other fee-based services was defintely visible. Here's the quick math on the revenue mix for the fiscal year 2024, which was the last full year reported before the merger:

Net Interest Income (NII) was the core, totaling $327.1 million in 2024, but it was down 8% from 2023 due to higher funding costs for deposits. Non-interest Income, totaling $79.3 million in 2024, was the growth story, climbing 18% year-over-year, driven by fee-based services.

Business Economics

The bank's business model was fundamentally about managing its interest rate exposure and growing its fee-generating services. The core challenge in early 2025 was the rising cost of deposits, which squeezed the profit margin on loans.

• Net Interest Margin (NIM) Pressure: The Net Interest Margin-the spread between what the bank earns on loans and pays on deposits-had compressed to 2.41% in the first quarter of 2025. This is a low number for a regional bank and shows the heavy cost of retaining deposits in a high-rate environment.
• Loan Portfolio Mix: The bank's $11.5 billion loan portfolio as of December 31, 2024, was heavily weighted toward commercial lending, particularly commercial real estate and commercial business loans. This focus on the commercial sector offers higher yields but also carries elevated credit risk, especially in the commercial real estate segment.
• Fee Income Drivers: The non-interest income stream, which is less sensitive to interest rate changes, was critical for stability. Key components included wealth management income, mortgage banking activities, and income from bank-owned life insurance (BOLI). The 15% year-over-year growth in non-interest income in Q1 2025 shows this strategy was working.
• Funding Base: Total deposits stood at $11.7 billion at the end of 2024, with non-interest bearing deposits representing about 22% of the total in Q1 2025. A lower percentage of non-interest bearing deposits means a higher cost of funds, which is a key headwind.

A bank's NIM is the single most important metric. When it shrinks, the business has to work a lot harder just to stay even.

You can see how this strategy aligns with the bank's long-term goals in its Mission Statement, Vision, & Core Values of Sandy Spring Bancorp, Inc. (SASR).

Sandy Spring Bancorp's Financial Performance

The final standalone financial reports for Sandy Spring Bancorp, Inc. in early 2025 reflected a challenging operating environment and the one-time impacts of the impending merger. The numbers show a bank that was capital-strong but facing significant earnings headwinds.

• Net Income: For the first quarter of 2025, the bank reported net income of $20.4 million, or $0.45 per diluted common share. This was a significant decrease from the prior year's quarter, mainly due to higher provision for credit losses and a drop in net interest income.
• Asset Quality: The allowance for credit losses was a robust 1.16% of outstanding loans as of December 31, 2024. The non-performing loans ratio showed a slight improvement to 1.03% at the end of 2024, down from 1.09% in the prior quarter.
• Efficiency Ratio: The GAAP efficiency ratio deteriorated to 69.60% in Q1 2025, up from 58.55% a year earlier. An increasing efficiency ratio indicates that the bank is spending more to generate each dollar of revenue, a clear sign of declining operational efficiency.
• Capital Strength: Despite the merger and earnings pressure, the bank maintained a strong capital position, with a total risk-based capital ratio of 15.38% and a common equity tier 1 risk-based capital ratio of 11.36% at the end of 2024, both well above regulatory minimums. This strong capital base was a key factor in the attractive valuation for the acquiring company.

The bottom line is that the bank was profitable but its core lending profitability was under pressure, which is why the merger with Atlantic Union Bankshares Corporation was a clear strategic move to gain scale and cut costs.

Sandy Spring Bancorp, Inc. (SASR) Market Position & Future Outlook

As of November 2025, the independent trajectory of Sandy Spring Bancorp, Inc. is now fully integrated into Atlantic Union Bankshares Corporation, following the merger that closed on April 1, 2025. This combination creates the largest regional banking franchise headquartered in the lower Mid-Atlantic, shifting the focus from standalone growth to large-scale integration and regional dominance.

Competitive Landscape

The former Sandy Spring Bancorp, Inc. operations now form a critical part of a larger regional powerhouse, positioning the combined entity against both national giants and smaller, nimble community banks in the affluent Washington D.C. metro area and Virginia markets. Here's the quick math on how the major players stack up in the broader Mid-Atlantic regional space, focusing on deposit share in their core markets.

Opportunities & Challenges

The near-term outlook for the combined entity is centered on realizing the promised merger synergies (cost savings and revenue growth), but it still needs to navigate a tricky economic environment, especially with commercial real estate exposure being a major concern for regional banks.

Industry Position

The combined Atlantic Union Bankshares Corporation is now a formidable regional player, with pro forma total assets of $38.7 billion and total deposits of $32.1 billion as of December 31, 2024. That's a huge step up. The strategy is defintely about scale and efficiency now, not just organic growth.

• Solidified Regional Leadership: The merger created the preeminent regional bank spanning the 'Golden Crescent' from Baltimore, through Washington D.C., and Richmond to Hampton Roads, a key affluent corridor.
• Enhanced Capital Strength: The combined entity reported a Common Equity Tier 1 (CET1) ratio of 10.1% as of March 31, 2025, maintaining a strong capital position above regulatory requirements.
• Focus on Efficiency: Management is targeting a lower efficiency ratio (operating expenses as a percentage of revenue) by 2026, driven by the 27% cost savings from the integration.
• Diversified Revenue Streams: The acquisition significantly boosted non-interest income by doubling the wealth management business, which helps buffer against net interest margin (NIM) volatility.

If you want to dive deeper into the nuts and bolts of the combined balance sheet and credit quality, you should check out Breaking Down Sandy Spring Bancorp, Inc. (SASR) Financial Health: Key Insights for Investors. Finance: Monitor the Q4 2025 earnings call for an update on the $1.15-1.25 billion NII projection and the progress on the 27% cost synergy realization.