Revere Bank, which has branches in Anne Arundel County, Columbia, Towson and Laurel, has agreed to be acquired by Sandy Spring Bancorp.

Sandy Spring’s takeover of Rockville-based Revere, valued at $460.7 million, will create a financial institution with $11.2 billion in assets.

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“This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally-headquartered community bank,” Daniel J. Schrider, Sandy Spring’s president and CEO, said in a statement.

Sandy Spring, headquartered in Olney in Montgomery County, already has more than 50 branches spread throughout Maryland, Virginia and Washington, D.C., including in Anne Arundel, Carroll and Howard counties. Revere, which had more than $2.6 billion in assets as of June 30, has 11 branches, mostly in the Washington suburbs but also around Baltimore.

Sandy Spring will give Revere Bank shareholders 1.05 shares of Sandy Spring common stock for each share of Revere common stock.

The deal still must be approved by shareholders and banking regulators. After the deal closes, Revere Bank branches will convert to Sandy Spring’s branding in mid-2020.

Once the deal is closed, Sandy Spring Bank would have nearly $1.56 billion in deposits in the Baltimore metropolitan statistical area, which would make it the region’s eighth largest bank by deposits, behind only Howard Bank among those headquartered in the state, according to Federal Deposit Insurance Corp. data. Baltimore-based Howard is No. 7 with $1.63 billion in deposits in the region.

Bank of America is Baltimore’s No. 1 bank by deposits with $22 billion, followed by M&T Bank with $14.4 billion and PNC Bank with $7.5 billion, according to the FDIC.

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