Sandy Spring Bancorp of Olney, Md., said it would acquire the $145 million-asset CN Bancorp Inc. in Glen Burnie for $44.1 million in cash and stock.
The deal, announced Thursday, is the second Sandy Spring has made in the last two months, after having not made a whole-bank acquisition in a decade. In October it said it would buy the $247 million-asset Potomac Bank of Virginia in Fairfax for $65 million in cash and stock.
CN Bancorp is the parent of County National Bank, which has four branches in Anne Arundel County, Md. The bank would operate as a division of Sandy Spring and would retain its current name and current chief executive.
"The Anne Arundel County market south of Baltimore is a highly attractive portion of the corridor between Baltimore and Washington, and we welcome the opportunity to expand our existing presence there," Hunter R. Hollar, Sandy Spring's president and chief executive officer, said in a press release
Sandy Spring has 32 branches in Maryland, including four in Anne Arundel County.
The deal is expected to close in the second quarter.
