Stock Monitor: WashingtonFirst Bankshares Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 27, 2017 / Active-Investors issued a free report on Sandy Spring Bancorp, Inc. (NASDAQ: SASR), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=SASR as the Company's latest news hit the wire. On November 22, 2017, Sandy Spring Bancorp declared that the Board of Governors of the Federal Reserve System, the Maryland Office of the Commissioner of Financial Regulation, and the Virginia State Corporation Commission granted all requisite regulatory approvals to the Company to complete the acquisition of WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI), and the related merger of WashingtonFirst Bank into Sandy Spring Bank. The transaction is expected to close on January 01, 2018. Sign up now for our free research reports at: www.active-investors.com/registration-sg.
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Sandy Spring Bancorp most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage for SASR and WFBI are available at:
Together Both Companies Will be a Stronger Presence in Greater Washington, D.C. Region
Commenting on the approval, Daniel J. Schrider, President and CEO of Sandy Spring Bank, stated that the Company looks forward to welcoming the clients, employees, and shareholders of WashingtonFirst Bank to Sandy Spring Bank. Daniel added that together, both companies will be a stronger presence in the Greater Washington, D.C. region, and will continue to invest in and build communities for future generations.
Acquisition Agreement Announced in May 2017
On May 16, 2017, Sandy Spring Bancorp entered into a definitive agreement for Sandy Spring Bank to acquire the Virginia-based WashingtonFirst to create one of the premier banks in the Greater Washington, D.C. region. The transaction was unanimously approved by the Board of Directors of each company and was subject to shareholder and regulatory approval and other customary closing conditions.
Upon completion of the transaction, Sandy Spring and WashingtonFirst will have combined assets of approximately $7.5 billion. WashingtonFirst's shareholders are expected to receive 0.8713 shares of Sandy Spring's common stock for each share owned of WashingtonFirst's common stock. Sandy Spring's shareholders would own around 67.8% of the combined company and WashingtonFirst's shareholders would own approximately 32.2% of the combined company. WashingtonFirst's Chairman, Joseph Searcy Bracewell, President and CEO, Shaza L. Andersen, and two other directors would join Sandy Spring's Board.
Both Companies Received Stockholders' Approvals in October
On October 18, 2017, Sandy Spring Bancorp and WashingtonFirst Bankshares had received the requisite stockholders' approvals for Sandy Spring to acquire WashingtonFirst.
The Kafafian Group, Inc. served as financial advisor and Sandler O'Neill & Partners, L.P. provided a fairness opinion to Sandy Spring.
About Sandy Spring Bancorp, Inc.
Founded in 1868 and headquartered in Olney, Maryland, Sandy Spring Bancorp is the holding company for Sandy Spring Bank. Sandy Spring Bank offers a broad range of commercial banking, retail banking, mortgage and trust services throughout central Maryland, Northern Virginia, and the greater Washington, D.C. market.
About WashingtonFirst Bankshares, Inc.
Established in 2004, WashingtonFirst Bankshares, Inc. operates as the holding company for WashingtonFirst Bank that provides commercial banking products and services to small-to-medium sized businesses, not-for-profit organizations, professional service firms, and individuals in Washington, D.C. metropolitan area. The Company is headquartered in Reston, Virginia.
Stock Performance Snapshot
November 24, 2017 - At Friday's closing bell, Sandy Spring Bancorp's stock marginally declined 0.62%, ending the trading session at $38.57.
Volume traded for the day: 27.39 thousand shares.
Stock performance in the last twelve-month period – up 5.41%
After last Friday's close, Sandy Spring Bancorp's market cap was at $931.08 million.
Price to Earnings (P/E) ratio was at 16.02.
The stock has a dividend yield of 2.70%.
The stock is part of the Financial sector, categorized under the Regional - Mid-Atlantic Banks industry. This sector was up 0.1% at the end of the session.
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