Sandy Spring Bank
|Traded as||NASDAQ: SASR|
Russell 2000 Component
|Headquarters||Olney, Maryland, U.S.|
Number of locations
|44 branches and 6 financial centers (2016)|
|Washington metropolitan area|
|Daniel J. Schrider, President and CEO|
|Revenue||US$177.267 million (2016)|
|US$48.250 million (2016)|
|Total assets||US$5.091 billion (2016)|
|Total equity||US$533.572 million (2016)|
Number of employees
The company operates the following subsidiaries:
- Sandy Spring Bank - a community bank serving the Washington metropolitan area. It operates 44 branches and 6 financial centers.
- Sandy Spring Insurance Corporation - offers commercial and personal lines of insurance as well as surety bonds, workers compensation insurance, and professional liability insurance protection.
- West Financial Services, Inc. - offers financial planning, wealth management, and asset management for high-net-worth individuals, businesses, and associations.
In December 2001, Sandy Spring Bank acquired Chesapeake Insurance Group of Annapolis. Originally founded as Hartman Agency in Baltimore in 1943, the new subsidiary was renamed Sandy Spring Insurance Corp.
During the financial crisis of 2007–2008, Sandy Spring Bank removed many troubled commercial and residential loans from its balance sheet. The company received an investment of $82 million from the Troubled Asset Relief Program and the amount was repaid in December 2010, making Sandy Spring one of the first community banks in the Washington metropolitan area to repay its TARP investment.
- Sandy Spring Bank: Our Story
- Sandy Spring Bancorp, Inc. 2016 Form 10-K Annual Report
- "Charting Sandy Spring Bank's History, Identity and Future". The Washington Post. January 12, 2009.
- "Sandy Spring Bank to Acquire Chesapeake Insurance Group" (Press release). PRNewswire. October 24, 2001.
- Berk, Michele (December 7, 2001). "Sandy Spring closes deal with Chesapeake Insurance". American City Business Journals.
- "Sandy Spring Bancorp Completes Acquisition of Potomac Bank of Virginia" (Press release). PRNewswire. February 16, 2007.
- Adler, Neil (October 11, 2006). "Sandy Spring Bancorp to buy Potomac Bank for $64.7M". American City Business Journals.
- "Sandy Spring Bancorp Completes Acquisition of CN Bancorp, Inc. of Glen Burnie, MD" (Press release). PRNewswire. June 1, 2007.
- Adler, Neil (December 14, 2006). "Sandy Spring Bank to buy County National for $44.1M". American City Business Journals.
- Douglas, Danielle (December 19, 2010). "Sandy Spring Bank in Olney pays back all of its federal TARP loan". The Washington Post.
- Lazo, Alejandro (January 6, 2009). "Sandy Spring Bancorp Names New Chief Executive". The Washington Post.
- "Sandy Spring Bancorp, Inc. Announces Completion of Acquisition of CommerceFirst Bancorp, Inc" (Press release). Globe Newswire. May 31, 2012.
- Haber, Gary (December 20, 2011). "Sandy Spring Bank to buy CommerceFirst in $25.4M deal". American City Business Journals.
- "Sandy Spring Bank's First Washington, D.C., Branch Opens for Business" (Press release). Globe Newswire. February 1, 2016.
- Bhattarai, Abha (November 15, 2015). "The region's banks flock to a new market: The District". The Washington Post.
- "Sandy Spring Bancorp Acquisition of WashingtonFirst Bankshares to Create Region's Largest, Locally-Headquartered Community Bank" (Press release). Globe Newswire. May 16, 2017.