Sandy Spring Bank will acquire Maryland-based Revere Bank.
With combined assets of $11.2 billion, this acquisition deepens Sandy Spring’s presence in its core market and authoritatively pushes the company through an important growth benchmark of $10 billion.
“Our company has great momentum and the announcement today reinforces our position of strength in this market,” said Daniel J. Schrider, president and CEO of Sandy Spring Bank, who will continue to serve in this role. “This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally-headquartered community bank.”
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. Revere, headquartered in Rockville, MD, has 11 banking offices and more than $2.6 billion in assets (as of 6/30/19).
Upon closing, Sandy Spring Bank will merge Revere into Sandy Spring Bank and Revere’s co-presidents and CEOs, Ken Cook and Drew Flott, will join the company. Cook will join as an executive vice president and Flott will join as a division executive.
Cook will serve as the president of Commercial Banking, managing commercial teams across the company’s footprint and working closely with Sandy Spring Bank’s Executive Vice President and Chief Banking Officer, Jay O’Brien. O’Brien will oversee the Commercial Real Estate, Personal and Business Banking, Institutional, Treasury Management, and Marketing divisions of the combined organization. Cook and O’Brien will both report to Schrider.
As a division executive within the Corporate Finance group, Flott will help co-lead the integration.
The transaction has been unanimously approved by the Board of Directors of each company and is subject to shareholder and regulatory approval and other customary closing conditions.
At a later date, Revere’s branding will change to Sandy Spring Bank, with the full conversion of systems expected to occur in mid-2020.
The Kafafian Group served as financial advisor to Sandy Spring and Boenning & Scattergood provided a fairness opinion. Sandler O’Neill & Partners served as financial advisor to Revere and also provided a fairness opinion. Kilpatrick Townsend & Stockton provided legal counsel to Sandy Spring, and Windels Marx Lane & Mittendorf provided legal counsel to Revere.
