Sandy Spring Buys Revere

Sandy Spring buys Revere.
   
Sandy Spring Bancorp buys Revere Bank for $460.7 million.
   
Sandy Spring Bank operates 50 locations in Maryland, Northern Virginia, and Washington DC.  They offer commercial and retail banking, mortgage, private banking, trust services, and a suite of insurance and wealth management services.  Revere Bank, headquartered in Rockville, Maryland, has 11 banking offices.  Revere bought Rockville-based Monument Bank in 2016 for $65.1 million.
   
Daniel Schrider of Sandy Spring Bank said: ‘Our company has great momentum and the announcement today reinforces our position of strength in this market.  Over the past two years, we have expanded our geographic footprint, delivered record annual earnings, marked our 150th anniversary, and continued to build out a strong team of local professionals and industry experts.  This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally headquartered community bank.  Our success is evidence that our highly personalized approach to client service works, and we are well-positioned for continued growth.’
   
Revere's co-presidents and CEOs, Ken Cook and Drew Flott, will join Sandy Spring.  Cook will be executive vice president and president of Commercial Banking.  Flott will be division executive within the Corporate Finance Group.
   
Daniel Schrider added: ‘Revere is a respected bank with quality, experienced bankers, and we are pleased to welcome Ken and Drew to the leadership of our company.  They will play an instrumental role in providing a seamless client experience as we work through the integration of our two companies.’
   
Ken Cook said: ‘Partnering with Sandy Spring Bank reflects our long-term commitment to our community and our clients, and we look forward to joining the company.  Our clients will truly benefit from the extensive products and sophisticated services that they will soon have access to throughout the Greater Washington region.’
   
Drew Flott said: Sandy Spring Bank is a trusted, local company, and we are excited to work together to preserve the tradition of community banking, speed up their strong momentum, and meet the diverse needs of the clients we serve.’
   
The Kafafian Group served as financial adviser to Sandy Spring.  Kilpatrick Townsend & Stockton served as legal adviser.
   
Sandler O’Neill served as financial adviser to Revere.  Windels Marx Lane & Mittendorf served as legal adviser.

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