Sandy Spring to acquire CommerceFirst

Posted: 6:43 pm Tue, December 20, 2011
By Daily Record Staff

Sandy Spring Bancorp Inc. of Olney will acquire CommerceFirst Bancorp of Annapolis, and its subsidiary, CommerceFirst Bank, under a definitive agreement signed by the two companies that was announced Tuesday.

Sandy Spring will pay approximately $25.4 million in stock and cash. The acquisition will add approximately $205 million in total assets, $181 million in gross loans, and $180 million in total deposits, before purchase accounting adjustments, to Sandy Spring’s books.

Sandy Spring currently has 43 offices in Maryland and Virginia. CommerceFirst Bank operates five full-service branches in Anne Arundel, Howard and Prince George’s counties.

The transaction is expected to close in 2012’s second quarter.