Sandy Spring Bancorp announces $200 million price tag

OLNEY, Md., March 15, 2022 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (NASDAQ- SASR) (“Sandy Spring Bancorp” or the “Company”), the holding company of Sandy Spring Bank (the “Bank”), today announced that it has priced an underwritten public offering in the amount of $200 million aggregate principal amount of its fixed to floating rate subordinated notes due 2032 (the “Bonds”). The Notes will initially bear interest at a fixed rate of 3.875% per annum. From March 30, 2027, the Notes will bear interest at an annual floating rate equal to the Reference Rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points, payable quarterly in arrears. . The offering is expected to close on March 18, 2022, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering of Notes for general corporate purposes, which include providing capital to support growth, investing in the Bank as regulatory capital and, in the action authorized by the board of directors, the redemption of the ordinary shares of the Company.

Piper Sandler & Co. is acting as sole bookrunner and Stephens Inc. is acting as co-manager.

Each offering will be made only by means of a prospectus supplement and the accompanying base prospectus. Sandy Spring Bancorp has filed a registration statement on Form S-3 (File No. 333-253367) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the Securities and Exchange Commission (“SEC”) of the United States for the tickets to which this communication relates. Prospective investors should read the applicable Prospectus Supplement and Base Prospectus in the Registration Statement and other documents that Sandy Spring Bancorp has filed or will file with the SEC for more complete information about Sandy Spring Bancorp and the relevant offer. You can obtain these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies of each preliminary prospectus supplement, when available, and the accompanying base prospectus may be obtained by contacting Piper Sandler & Co. by telephone at (866) 805-4128 or by email at [email protected]and by contacting Stephens Inc. by phone at 1 (800) 643-9691 or by email at [email protected]

This press release will not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the Bonds, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About Sandy Spring Bancorp, Inc.

Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company of Sandy Spring Bank, a leading community bank in the Greater Washington, DC area. With more than 50 locations, the bank offers a wide range of commercial and retail banking, mortgage, private banking and trust services throughout Maryland, Northern Virginia and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson , Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.

Contact:

Daniel J. Schrider, President and Chief Executive Officer, or
Philip J. Mantua, Executive Vice President and Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
1-800-399-5919
Email: [email protected]
[email protected]
Website: www.sandyspringbank.com

Media Contact:
jen schel
301-570-8331
[email protected]

Forward-looking statements

Sandy Spring Bancorp makes forward-looking statements in this press release. Sandy Spring Bancorp’s forward-looking statements are subject to the following principal risks and uncertainties: risks, uncertainties and other factors relating to the COVID-19 pandemic, including the effect of the pandemic on our borrowers and their ability to make payments on their obligations, the effectiveness of immunization programs, and the effect of remedial and stimulus measures adopted by federal, state, and local governments; general economic conditions and trends, nationally or locally; securities market conditions; changes in interest rates; changes in deposit flows and demand for deposit, lending and investment products and other financial services; changes in real estate values; changes in the quality or composition of the Company’s loan or investment portfolios; changes in competitive pressures between financial institutions or non-financial institutions; the Company’s ability to retain key members of management; changes in laws, regulations and policies; the possibility that any of the anticipated benefits of the acquisitions will not be realized or will not be realized within the expected time frame; and a variety of other matters which, by their nature, are subject to significant uncertainties. Sandy Spring Bancorp provides more detail on some of these factors in its Form 10-K for the year ended December 31, 2021, including in the Risk Factors section of this report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that may be discussed elsewhere in this press release or in its SEC filings available at the SEC at www.sec.gov.

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