We are advising Atlantic Union Bankshares on the acquisition

Davis Polk is advising Atlantic Union Bankshares Corporation on its acquisition of Sandy Spring Bancorp, Inc. in an all-stock transaction valued at approximately $1.6 billion. Under the terms of the merger agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.900 shares of Atlantic Union common stock. The companies expect to complete the transaction by the end of the third quarter of 2025, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Atlantic Union shareholders and Sandy Spring stockholders.

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation is the holding company for Atlantic Union Bank. Atlantic Union Bank had 129 branches and approximately 150 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2024.

Sandy Spring Bancorp, headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington DC region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking and trust services throughout Maryland, Virginia and Washington DC.

The financial institutions M&A team includes partners Margaret E. Tahyar, Lee Hochbaum and David L. Portilla, counsel Jacob S. Kleinman and Malik M. Khalil and associates Justin Levine and Sharanjit Kaur Sandhu. Partner Jennifer S. Conway is providing executive compensation advice. Partner Corey M. Goodman is providing tax advice. Partner Howard Shelanski is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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