Try digitalPLUS for 10 days for only $0.99

Business

Business

Sandy Spring Bancorp to acquire CommerceFirst

Sandy Spring Bancorp, an Olney-based banking company, said Tuesday it will buy CommerceFirst Bancorp of Annapolis in a cash and stock deal valued at $25.4 million.

Both Sandy Spring, which has $3.6 billion in assets, and CommerceFirst, with $205 million in assets, trade on the Nasdaq stock market. CommerceFirst shareholders will be allowed to choose Sandy Spring common stock or cash, or a combination of both, the companies said.

The transaction is expected to close in the second quarter of 2012.

Richard J. Morgan, CommerceFirst's president and chief executive, will join Sandy Spring as market president for the greater Annapolis region, with a focus on expanding the bank's business in Prince George's County.

Sandy Spring has 43 banking offices across Anne Arundel, Carroll, Frederick, Howard, Montgomery and Prince George's counties in Maryland, and in Arlington, Fairfax and Loudoun counties in Virginia. CommerceFirst has five locations in Anne Arundel, Howard and Prince George's counties in central Maryland.

Gus.sentementes@baltsun.com

Twitter.com/gussent

Copyright © 2015, The Baltimore Sun
Related Content
  • Baltimore People on the Move archive

    Baltimore People on the Move archive

    Readers submit photos and information on employees who have recently been promoted, hired or honored at area businesses. Select photos will be published in the Maryland Business section of Tuesday editions of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature....

  • Health Professionals on the Move: June 2015

    Health Professionals on the Move: June 2015

    Readers submit photos and information on medical professionals who have recently been promoted, hired or honored. Select photos will be published in the Health and Medicine section of Sunday's edition of The Baltimore Sun. Only photos are accepted. (Caption size is limited.)

Comments
Loading

66°