Sandy Spring Bancorp Approves Buyback of Up to 5% of Company's Outstanding Common Shares
Sandy Spring Bancorp, Inc., (NASDAQ: SASR), today announced that the Company's board of directors has approved the repurchase of up to 5% of the Company's outstanding common stock, or approximately 1,260,000 shares. The current repurchase authorization replaces the Company's existing repurchase program, which expires August 31. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made from time to time depending on market conditions and other factors.
"This repurchase program is similar to other plans we have had in place over the years. It is an aspect of our overall capital management strategy, in addition to other future growth opportunities," said Daniel J. Schrider, President and CEO.
About Sandy Spring Bancorp, Inc. /Sandy Spring Bank
With $4.1 billion in assets, Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Sandy Spring Bancorp is the largest publicly traded banking company headquartered and operating in Maryland. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868