Sandy Spring Bancorp (SASR) Commences $83M Common Offering

Sandy Spring Bancorp, Inc. (NASDAQ: SASR) reported today that it has commenced an underwritten public offering of $83 million of its common stock. Robert W. Baird & Co. Incorporated is acting as sole book-running manager and Janney Montgomery Scott LLC is acting as co-manager. The Company intends to grant the underwriters an option to purchase up to an additional 15 percent of the amount sold to cover over-allotments, if any.

The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (SEC).

The Company expects to use the net proceeds from this offering for general corporate purposes which may include, among other uses, making investments at the holding company level, providing capital to support Sandy Spring Bank, engaging in acquisitions or other business combinations, reducing or refinancing existing debt, or repurchasing the Series A Preferred Stock and the warrant issued to the U.S. Treasury pursuant to the Company’s participation in the U.S. Treasury’s TARP Capital Purchase Program. The Company does not have any specific plans for acquisitions or other business combinations at this time. The repurchase of the Series A Preferred Stock from the U.S. Treasury can be done in whole or in part and is subject to approval from the Company’s banking regulators.