Atlantic Union merges with Sandy Spring Bancorp

Atlantic Union Bankshares Corporation announced Monday it has completed its previously announced merger with Sandy Spring Bancorp, Inc., solidifying its position as the largest regional banking franchise headquartered in the lower Mid-Atlantic.

The merger significantly expands Atlantic Union’s footprint across Virginia and Maryland. The combined institution now boasts a stronger regional presence, with enhanced resources and capacity to serve customers throughout the region.

Under the terms of the agreement, each share of Sandy Spring common stock was converted into the right to receive 0.900 shares of Atlantic Union common stock. Cash will be paid in lieu of any fractional shares. Based on Atlantic Union’s closing stock price of $31.14 on March 31, 2025, the total transaction is valued at approximately $1.3 billion.

“We are excited to have the Sandy Spring team officially join Atlantic Union Bank,” said John C. Asbury, President and CEO of Atlantic Union. “By bringing together the number one regional bank in Virginia and the number one regional bank in Maryland, we’ve created something that’s never existed before. This transaction establishes Atlantic Union as the preeminent regional bank, with Virginia as its linchpin, spanning the lower Mid-Atlantic into the Southeast.”

As part of the merger, Mona Abutaleb Stephenson, Mark C. Micklem, and Daniel J. Schrider have joined the Boards of Directors for both Atlantic Union Bankshares Corporation and Atlantic Union Bank, effective at the time of closing.

Following the merger, and on a pro forma basis as of December 31, 2024 (prior to any merger-related adjustments), Atlantic Union reported $38.7 billion in total assets, $32.1 billion in total deposits, and $30 billion in total loans held for investment.

Atlantic Union Bank, originally locally owned and operated Shore Bank, has several locations on the Shore. Since Shore Bank merged with Hampton Roads Bankshares, the bank has undergone several different name changes.