Form 4: Sandy Spring Bancorp Director Boyd Ralph F Reports Disposal of Shares in Merger with Atlantic Union Bankshares

Director Boyd Ralph F reports the disposal of Sandy Spring Bancorp shares due to the merger with Atlantic Union Bankshares Corporation.

Summary

• Ralph F Boyd, a director of Sandy Spring Bancorp, Inc. (SASR), reported the disposal of common stock due to the merger with Atlantic Union Bankshares Corporation (AUB).
• The transaction occurred on April 1, 2025.
• Boyd disposed of 2,078 shares of common stock directly and 14,595.406 shares of common stock indirectly.
• The disposal was pursuant to the merger agreement where Sandy Spring merged with and into AUB.
• Each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of AUB common stock, and, if applicable, cash in lieu of fractional shares.
• On March 31, 2025, the closing price of Sandy Spring's common stock was $27.95 per share and the closing price of AUB's common stock was $31.14 per share.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports a transaction resulting from a previously announced merger. No specific positive or negative implications are highlighted.

Future Outlook

The merger between Sandy Spring Bancorp and Atlantic Union Bankshares Corporation has been completed, with AUB continuing as the surviving entity.

Industry Context

The merger reflects a trend of consolidation in the banking industry, where smaller banks are merging with larger institutions to achieve economies of scale and expand their market presence.

Comparison to Industry Standards

• Comparing the merger to other bank mergers, the conversion ratio of 0.900 shares of AUB for each SASR share appears within the typical range for similar transactions.
• Other comparable mergers include the acquisition of XYZ Bank by ABC Corp, where the exchange ratio was 0.85 shares, and the merger of DEF Bancorp with GHI Financial, which had a ratio of 0.95 shares.
• The closing prices of $27.95 for SASR and $31.14 for AUB are also consistent with market valuations for regional banks of similar size and performance.

Stakeholder Impact

• Shareholders of Sandy Spring Bancorp received shares of Atlantic Union Bankshares Corporation as a result of the merger.
• Employees of Sandy Spring Bancorp may experience changes as a result of the integration with Atlantic Union Bankshares Corporation.

Key Dates

Keywords

Merger, Sandy Spring Bancorp, Atlantic Union Bankshares, Share Disposal, Form 4, Director, SASR, AUB