Olney, Md.-based Sandy Spring Bancorp Inc. completed its all-stock acquisition of Rockville, Md.-based Revere Bank.
The transaction value was approximately $287 million, based on Sandy Spring's March 31 closing common stock price of $22.64 per share, according to a company release. The deal was valued at $460.7 million when it was announced in September 2019.
Former Revere shareholders received 1.05 shares of Sandy Spring common stock for each share of Revere common stock they held. Sandy Spring shareholders now own about 74% of the combined company, and former Revere shareholders own about 26%.
Revere's branding will change to Sandy Spring once Revere's systems are fully converted in the third quarter.
With the merger, former Revere directors Christina Baldwin O'Meara, Walter Martz II and Brian Lemek joined Sandy Spring’s board. Revere’s co-presidents and CEOs, Kenneth Cook and Andrew Flott, are now executive vice president and division executive, respectively, of Sandy Spring.
Sandy Spring Bancorp is the parent company of Sandy Spring Bank.