Sandy Spring to buy wealth manager in Northern Virginia
Sandy Spring Bancorp in Olney, Md., has agreed to buy Rembert Pendleton Jackson, a registered investment adviser in Falls Church, Va.
The $8.4 billion-asset Sandy Spring did not disclose the price it will pay for Rembert Pendleton Jackson, which manages more than $1.3 million in assets. The deal is expected to close in the first quarter.
Sandy Spring will have about $4.5 billion in assets under management when the deal closes.
Charles Rembert, a principal at Rembert Pendleton, will continue to run the company.
Sandy Spring agreed in September to buy Revere Bank in Rockville, Md., for $460.7 million.
Sandy Spring was advised by Silver Lane Advisor, which was recently acquired by Raymond James.