Olney-based Sandy Spring Bancorp said Wednesday that it had received final regulatory approvals of its acquisition of CommerceFirst Bancorp in Annapolis.
The stock-and-cash deal — which is valued at $25.4 million and still requires the approval of CommerceFirst shareholders — is expected to close in the second quarter.
For Sandy Spring, the acquisition adds CommerceFirst's $205 million in total assets, $181 million in gross loans and $180 million in total deposits. It also expands Sandy Spring's footprint in Anne Arundel, Howard and Prince George's counties, where CommerceFirst Bank operates five branches.