Sandy Spring Bancorp, Inc. is a

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

headquartered in

Olney, Maryland Olney is a U.S. census-designated place and an unincorporated area in Montgomery County, Maryland. It is located in the north central part of the county, north of Washington, D.C. Olney was largely agricultural until the 1960s, when growth of ...

and operating in the

Washington metropolitan area The Washington metropolitan area, also commonly referred to as the National Capital Region, is the metropolitan area centered on Washington, D.C. The metropolitan area includes all of Washington, D.C. and parts of the states of Maryland, Virgin ...

Current operations

The company operates the following subsidiaries: * Sandy Spring Bank - a

community bank A community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people w ...

serving the

. It operates 55

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

and 6 financial centers. * Sandy Spring Insurance Corporation - offers commercial and personal lines of insurance as well as

surety bond In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay ...

s, workers compensation insurance, and

professional liability insurance Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and ser ...

protection. * West Financial Services, Inc. - offers

financial planning In general usage, a financial plan is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans. This often includes a bu ...

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high- ...

, and

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

for high-net-worth individuals, businesses, and associations.

History

In 1868, farmers who were

Quakers Quakers are people who belong to a historically Protestant Christian set of denominations known formally as the Religious Society of Friends. Members of these movements ("theFriends") are generally united by a belief in each human's abil ...

founded Sandy Spring Bank to pool their savings to make home loans to their neighbors. In December 2001, the company acquired Chesapeake Insurance Group of Annapolis and renamed it Sandy Spring Insurance Corp. In February 2007, the bank acquired Potomac Bank of Virginia for $64.7 million. In June 2007, the bank acquired County National Bank of Glen Burnie for $44.1 million. During the

financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

, the company received an investment of $82 million from the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...

. The investment was repaid in December 2010, making Sandy Spring one of the first

s in the

to repay its TARP investment. In January 2009, Daniel J. Schrider was promoted to

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

, succeeding Hunter R. Hollar. Schrider joined the company as a lender in 1989. In May 2012, the bank acquired CommerceFirst Bank of Annapolis for $25.4 million. In February 2016, the bank opened its first branch in the

District of Columbia ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

. In August 2016, Sandy Spring Insurance acquired The Advantage Group. In January 2018, the bank acquired WashingtonFirst Bank for $489 million, creating the largest community bank headquartered in the

References

External links

* {{official website, https://www.sandyspringbank.com/ 1868 establishments in Maryland Banks based in Maryland Banks established in 1868 Companies listed on the Nasdaq