Form 4: Sandy Spring Bancorp Director Disposes of Shares Following Merger with Atlantic Union Bankshares

Director Mark E. Friis reports the disposal of Sandy Spring Bancorp shares following the merger with Atlantic Union Bankshares, converting shares into the right to receive Atlantic Union Bankshares common stock.

Summary

• Mark E. Friis, a director of Sandy Spring Bancorp, Inc. (SASR), reported changes in beneficial ownership following the merger with Atlantic Union Bankshares Corporation (AUB).
• The transactions occurred on April 1, 2025.
• Friis disposed of 2,078 shares of common stock directly and 30,782 shares indirectly held through a trust.
• The disposal was pursuant to the merger agreement where Sandy Spring merged into AUB.
• Each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of AUB common stock, with 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 AUB's common stock was $31.14 per share.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports a procedural transaction (disposal of shares) following a previously announced merger. It doesn't contain overtly positive or negative information.

Future Outlook

The merger between Sandy Spring Bancorp and Atlantic Union Bankshares has been completed, with Sandy Spring merging into AUB.

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller banks merge with larger entities to achieve economies of scale and expand market reach.

Stakeholder Impact

• Shareholders of Sandy Spring Bancorp have had their shares converted into the right to receive shares of Atlantic Union Bankshares.
• The merger may impact employees of both Sandy Spring Bancorp and Atlantic Union Bankshares due to potential synergies and restructuring.

Key Dates

Keywords

Merger, Sandy Spring Bancorp, Atlantic Union Bankshares, Beneficial Ownership, Form 4, Director, SASR, AUB