Charlie Sandy Spring Bancorp, a bank holding company, closed their acquisition of Revere Bank for $287 million.
“Our company is focused on driving sustainable and purposeful growth and upholding the tradition of community banking in this region. We believe the acquisition of Revere Bank will allow us to best serve the needs of our clients, build stronger communities, deliver value for our shareholders, and provide meaningful opportunities for our employees.”
Daniel J. Schrider, CEO of Sandy Spring Bank
Since the acquisition was an all-stock deal, following the drop in the market, the value of the deal fell 38% from the price they initially announced back in September of $460.7 million to the present price of $267 million.