Sandy Spring Bank is buying Rockville, Maryland-based Revere Bank for more than $460 million in a stock deal announced Tuesday.
The acquisition pushes the total combined assets of the two banks to $11.2 billion. That’s well past an important regulatory benchmark of $10 billion.
Sandy Spring, which is based in Olney, Maryland, has more than 50 locations throughout Maryland, Northern Virginia and D.C.
“Our company has great momentum and the announcement today reinforces our position of strength in this market,” said Sandy Spring President and CEO Daniel J. Schrider in a news release. “Over the past two years we have significantly expanded our geographic footprint, delivered record annual earnings, marked our 150th anniversary, and continued to build out a strong team of local professionals and industry experts. This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally-headquartered community bank.”
Revere Bank, founded in 2007, has 11 branch locations throughout the Interstate 270 and Baltimore-Washington corridors.
Under the terms of the all-stock deal, valued at $460.7 million, Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each share of Revere common stock.
The transaction, which must be approved by shareholders as well as regulators, is expected to close in the first quarter of 2020.
For now, Revere clients won’t notice any immediate changes, and both banks will continue to conduct business as usual, the companies said. Revere’s branding will change to Sandy Spring Bank at a later date. The full conversion of systems is expected to be completed in mid-2020.
In 2017, Sandy Spring announced plans to acquire Reston, Virginia-based WashingtonFirst in a deal worth $489 million. That deal made Sandy Spring, the largest locally-based community bank in the D.C. region, the company said at the time.
WTOP’s Brennan Haselton contributed to this report.
