Form 4: Sandy Spring Bancorp Director Lemek Reports Disposal of Shares Following Merger with Atlantic Union Bankshares

Director Brian J Lemek reports the disposal of Sandy Spring Bancorp shares due to the merger with Atlantic Union Bankshares Corporation, where shares were converted into the right to receive 0.900 shares of AUB common stock.

Summary

• Brian J Lemek, a director of Sandy Spring Bancorp, Inc. (SASR), filed a Form 4 indicating changes in beneficial ownership.
• The filing is related to the merger between Sandy Spring and Atlantic Union Bankshares Corporation (AUB), which was completed on April 1, 2025.
• As a result of the merger, Lemek disposed of 253,786.9516 shares of Sandy Spring common stock directly and 1,050 shares indirectly held by a trust.
• Additionally, 2,078 shares were disposed of.
• Each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of AUB common stock.
• The closing price of Sandy Spring's common stock on March 31, 2025, was $27.95 per share, while AUB's closing price was $31.14 per share.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a merger. It doesn't convey strong positive or negative sentiment, but rather reports factual information.

Future Outlook

The merger between Sandy Spring and Atlantic Union Bankshares is complete, with AUB continuing as the surviving entity.

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where mergers and acquisitions are used to achieve economies of scale and expand market presence.

Stakeholder Impact

• Shareholders of Sandy Spring Bancorp received 0.900 shares of Atlantic Union Bankshares for each share of Sandy Spring common stock they held.

Key Dates

Keywords

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