Sandy Spring Bancorp / SASR

About Sandy Spring Bancorp

17801 Georgia Ave., Olney, Md. 20832
www.sandyspringbank.com | 301-774-6400 | Founded: 1868

Industry: Banking | Category: Banks

Sandy Spring Bancorp signed deals last year to expand in Anne Arundel County and to gain a foothold in Northern Virginia. In October, Sandy Spring reached an agreement worth about $64.7 million in cash and stock to merge with Potomac Bank of Virginia.
The deal gives Sandy Spring five full-service branches in Fairfax and Loudoun counties. It already had 33 branches in Maryland.
Sandy Spring announced in late December that it was also buying County National Bank of Glen Burnie in a deal worth $44.1 million in cash and stock. When the purchase is finalized in coming months, it will give Sandy Spring five more branches in northern Anne Arundel County.
The company, which also recently opened a Silver Spring branch, made a profit of $32.9 million last year, down about 1 percent from the previous year.
Like other banks, Sandy Spring was adversely affected by declining construction loans and residential mortgages. Its assets, loans and leases remained healthy, analysts said. The bank also reported increased revenue from commissions and fees, including those for financial consultation services it has been expanding at its branches.
In April, Robert L. Mitchell, chief executive of a homebuilding company, stepped down as a director after 16 years.

President and CEO: Dan Schrider

CFO: Phil Mantua

2006 Financial Data

Net Income: $32,871,000
Asssets: $2,610,457,000 | Earnings Per Share: $2.20
Stockholder Equity: $237,777,000 | Annual Dividend: $0.88
Total employees: 676 | Local employees: 640