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Sandy Spring plans stock repurchase

Sandy Spring plans stock repurchase

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Sandy Spring Bancorp Inc., of , announced that its board of directors has authorized the repurchase of up to 1,260,000 shares — approximately 5 percent — of the company’s outstanding common stock.

The new repurchase authorization replaces the company’s existing repurchase program that expires on Saturday.

Repurchases will be conducted through the open market or privately negotiated transactions, and will be made periodically, depending on market conditions and other factors.

The repurchase program “is an aspect of our overall capital management strategy, in addition to other future growth opportunities,” said Sandy Spring President and CEO Daniel J. Schrider.

Sandy Spring Bancorp is the holding company for Sandy Spring Bank and various subsidiaries.