Olney, Maryland-based Sandy Spring Bancorp, now the largest locally based community bank in the Washington region, continues to make acquisitions to hold on to that position.
Sandy Spring will acquire Falls Church, Virginia-based financial advisory firm Rembert Pendleton Jackson for an undisclosed sum. RPJ was founded in 1974, and has more than $1.3 billion in client assets under management.
When the acquisition closes, the combined assets under management under Sandy Spring’s wealth management business will be $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.”
Rembert Pendleton Jackson will continue to operate under its existing name with its existing leadership and team of financial advisers.
The acquisition is expected to close in the first quarter of 2020.
Just two months ago, Sandy Spring announced its planned $460 million acquisition of Rockville-based Revere Bank that will close early next year.
In 2017, Sandy Spring acquired Reston, Virginia-based WashingtonFirst Bank for $489 million.
Sandy Spring’s other local acquisitions in the past decade have included Potomac Bank of Virginia, National Bank of Glen Burnie and CommerceFirst Bank of Annapolis.
Sandy Spring was founded in 1868. It currently has more than 50 branches in D.C., Maryland and Virginia, with $8.4 billion in assets.