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.

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