OLNEY, Md. and RESTON, Va., Oct. 18, 2017 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (NASDAQ:SASR) and WashingtonFirst Bankshares, Inc. (NASDAQ:WFBI) (“WashingtonFirst”) jointly announced that the companies have received the requisite stockholder approvals for Sandy Spring to acquire WashingtonFirst. The transaction was announced on May 16, 2017, and remains subject to receipt of all required regulatory approvals and satisfaction of customary closing conditions. The transaction is expected to close in the fourth quarter of 2017.
Upon completion of the transaction, Sandy Spring and WashingtonFirst will have combined assets of approximately $7.5 billion, creating the largest, locally headquartered community bank in the Greater Washington, D.C. region.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank. Independent and community-oriented, 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. 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. With $5.3 billion in assets, Sandy Spring Bank operates 44 community offices and six financial centers across the region. Visit www.sandyspringbank.com for more information.
About WashingtonFirst Bankshares, Inc.
WashingtonFirst Bankshares, Inc., headquartered in Reston, Virginia, is the holding company for WashingtonFirst Bank, a Virginia-charted bank with more than $2 billion in assets, which operates 19 full-service banking offices throughout the Washington, D.C. metropolitan area. In addition, WashingtonFirst provides wealth management services through its subsidiary, 1st Portfolio Wealth Advisors, and mortgage banking services through WashingtonFirst Bank's subsidiary, WashingtonFirst Mortgage Corporation. For more information about WashingtonFirst, please visit: www.wfbi.com.
