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

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

Summary

• Mark C. Micklem, a director of Sandy Spring Bancorp, Inc. (SASR), filed a Form 4 to report changes in beneficial ownership.
• The report indicates that Mr. Micklem disposed of 19,207.0591 shares and 2,078 shares of Sandy Spring common stock on April 1, 2025.
• This disposal was a result of the merger between Sandy Spring and Atlantic Union Bankshares Corporation (AUB), as per the agreement dated October 21, 2024.
• At the effective time of the merger, 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, while AUB's common stock closed at $31.14 per share.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports a transaction resulting from a previously announced merger. The information is factual and doesn't inherently indicate positive or negative outcomes.

Future Outlook

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

Industry Context

The merger reflects a trend of consolidation in the banking industry, where institutions seek to gain scale and efficiency through mergers and acquisitions.

Comparison to Industry Standards

• Comparing the merger to other bank mergers, the 0.900 share conversion ratio is within a typical range, but the ultimate value to shareholders depends on AUB's future performance.
• Other comparable companies that have undergone similar mergers include BB&T and SunTrust, which formed Truist Financial Corporation, and Huntington Bancshares' acquisition of TCF Financial Corporation.

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

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