Sandy Spring Bancorp, Inc., is a bank holding company headquartered in Olney, Maryland and operating in the Washington metropolitan area.
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Current operations
The company operates the following subsidiaries:
- Sandy Spring Bank - a community bank serving the Washington metropolitan area. It operates 44 branches and 6 financial centers.
- Sandy Spring Insurance Corporation - offers commercial and personal lines of insurance as well as surety bonds, workers compensation insurance, and professional liability insurance protection.
- West Financial Services, Inc. - offers financial planning, wealth management, and asset management for high-net-worth individuals, businesses, and associations.
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History
In 1868, farmers who were Quakers founded Sandy Spring Bank in order to pool their savings to make home loans to people living nearby.
In December 2001, Sandy Spring Bank acquired Chesapeake Insurance Group of Annapolis. Originally founded as Hartman Agency in Baltimore in 1943, the new subsidiary was renamed Sandy Spring Insurance Corp.
In February 2007, Sandy Spring Bank acquired Potomac Bank of Virginia for $64.7 million.
In June 2007, Sandy Spring Bank acquired County National Bank of Glen Burnie for $44.1 million.
During the financial crisis of 2007-2008, Sandy Spring Bank removed many troubled commercial and residential loans from its balance sheet. The company received an investment of $82 million from the Troubled Asset Relief Program and the amount was repaid in December 2010, making Sandy Spring one of the first community banks in the Washington metropolitan area to repay its TARP investment.
In January 2009, Daniel J. Schrider was promoted to chief executive officer, succeeding Hunter R. Hollar. Schrider joined the company as a lender in 1989.
In May 2012, Sandy Spring Bank acquired CommerceFirst Bank of Annapolis for $25.4 million.
In February 2016, the bank opened its first branch in the District of Columbia.
In 2017, Sandy Spring acquired WashingtonFirst Bank for $489 million, creating the largest community bank headquartered in the Washington metropolitan area.
Source of the article : Wikipedia
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