In Brief: Sandy Spring Buying Bank in Annapolis

Sandy Spring Bancorp said April 17 that it will acquire Annapolis Bancshares in a stock deal valued at $18 million.

The deal, which is still subject to regulatory and shareholder approval, would give Sandy Spring approximately $900 million in assets. It currently has $819 million.

The exchange of Sandy Spring stock, which recently began trading on Nasdaq, will value Annapolis Bancshares stock at $22.90 a share, or 203.75% of book value and 15.92 times trailing four-quarter earnings, according to SNL Securities. The merger is expected to be completed by the end of 1996.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER