06:33 AM EDT, 10/21/2024 (MT Newswires) -- Atlantic Union Bankshares ( AUB ) said Monday it has agreed to acquire Sandy Spring Bancorp ( SASR ) in an all-stock deal valued at about $1.6 billion.

Under the terms of the deal, Sandy Spring shareholders will receive 0.900 shares of Atlantic Union stock for each Sandy Spring share they hold. This values the transaction at about $34.93 per Sandy Spring share.

The deal is set to enhance the combined company's banking presence in the mid-Atlantic region.

Both boards have approved the transaction, which is expected to close by the end of Q3 2025.

Upon completion, three members of Sandy Spring's board, including Dan Schrider, will join the Atlantic Union's board.

Shares of Atlantic Union were trading slightly lower pre-bell Monday, while Sandy Spring added more than 3% recently.

Price: 38.50, Change: -0.31, Percent Change: -0.80