- Sandy Spring Bancorp Inc.(NASDAQ:SASR) received all requisite regulatory approvals needed to close the merger with WashingtonFirst Bankshares Inc (NASDAQ:WFBI)
- The merger is expected to close on January 1, 2018.
Daniel J. Schrider, President and CEO of Sandy Spring Bank was quoted:
“We look forward to welcoming the clients, employees and shareholders of WashingtonFirst Bank to Sandy Spring Bank. Together, we will be a stronger presence in the Greater Washington, D.C. region, and we will continue to invest in and build our communities for future generations.” Source
Sandy Spring Bancorp, Inc. and WashingtonFirst Bankshares, Inc. received the approval from shareholders in October, 2017.
We believe that this is a merger that readers need to check out.
It will be paid in stock:
- Offer price per share(1): $36.50
- Transaction value: $488.9 million in the aggregate
- Consideration mix: 100% SASR stock (cash out of WFBI options)
- Exchange ratio: 0.8713 SASR (subject to pricing mechanism)