Company Expands Its Wealth Management Services and Builds on Growth Momentum
OLNEY, Md., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq: SASR, “Sandy Spring”), the parent company of Sandy Spring Bank, announced it has reached an agreement to acquire Rembert Pendleton Jackson (RPJ), an investment and financial advisory firm located in Falls Church, Virginia. Founded in 1974, RPJ currently has more than $1.3 billion in assets under management (AUM). Upon closing the transaction, the combined AUM under Sandy Spring Bank’s wealth management arms will be approximately $4.5 billion.
"Rembert Pendleton Jackson is a well-respected firm with a long-tenured and high-performing team. Their commitment to this region and strong culture focused on exceptional client service align with our core values,” said Lou Caceres, Executive Vice President of Sandy Spring Bank. “This strategic acquisition expands our wealth management services, builds on our growth momentum and continues to deepen our presence in our core market.”
The acquisition of RPJ further demonstrates Sandy Spring Bank’s commitment to providing financial services to individuals, families and businesses at every stage of life and aligns with the company’s strategic objective of diversifying sources of noninterest income. 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, as well as a comprehensive menu of insurance and wealth management services through its subsidiaries. Sandy Spring Bank has demonstrated consistent momentum through its strong financial performance and strategic growth throughout the Greater Washington region, including its recently announced acquisition of Revere Bank.
With more than three decades of service to the national capital area, RPJ is a fee-only advisory firm and has been solely registered with the Securities and Exchange Commission since 1984. Collectively, the principals have more than 100 years of experience.
Clients will not experience any impact or notice any changes. RPJ will continue to operate under the name, Rembert Pendleton Jackson, and Charles E. Rembert, CFP®, AIF®, Principal, will lead the company as President and will report to Caceres at Sandy Spring Bank. Rembert Pendleton Jackson’s senior leadership and registered investment advisors will continue to serve their clients directly.
“Like RPJ, Sandy Spring Bank has an impressive track record and a long history of strong performance in the Greater Washington region. This partnership is a win-win for our clients and community,” said Rembert. “We’re excited to provide our clients access to a broader suite of services at Sandy Spring Bank. Our highest priority has been, and will continue to be, to provide fee-only investment advisory and financial planning services to our clients. This relationship will allow these services to continue.”
The transaction is expected to be completed in the first quarter of 2020. Sandy Spring was advised on the transaction by Raymond James | Silver Lane Advisors.
About Sandy Spring Bancorp, Inc./Sandy Spring Bank
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. Visit www.sandyspringbank.com for more information.
About Rembert Pendleton Jackson
Rembert Pendleton Jackson, based in Falls Church, Virginia, serves more than 900 clients from around the nation's capital and over 35 states. Their registered investment advisors manage more than $1.3 billion in assets with a mission to help individuals and families, foundations and institutions realize their financial goals. Further information on Rembert Pendleton Jackson can be obtained by visiting its website at https://www.rpjadvisors.com.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Sandy Spring and RPJ. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Sandy Spring’s and RPJ’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “may,” “will,” “would,” “could,” “should” or other similar words and expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Sandy Spring does not undertake any obligation to update any statement in light of new information or future events.
In addition to factors previously disclosed in Sandy Spring’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), the following factors among others, could cause actual results to differ materially from those in its forward-looking statements: (i) the possibility that any of the anticipated benefits of the proposed transaction between Sandy Spring and RPJ will not be realized or will not be realized within the expected time period; (ii) the risk that integration of operations of RPJ with those of Sandy Spring will be materially delayed or will be more costly or difficult than expected; (iii) the failure to satisfy conditions to completion of the proposed transaction, including receipt of required regulatory ; (iv) the failure of the proposed transaction to close for any other reason; (v) the effect of the announcement of the transaction on customer relationships and operating results; (vi) general economic conditions and trends, either nationally or locally; (vii) conditions in the securities markets; (viii) changes in interest rates; and (ix) changes in the demand for investment products and other financial services.
For additional information or questions, please contact:
Daniel J. Schrider, President & Chief Executive Officer, or
Philip J. Mantua, E.V.P. & Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
Sam Price, Vice President
Sandy Spring Bank