Virginia bank to acquire Olney-based Sandy Spring Bank for $1.6 billion

A Virginia banking company plans to acquire Maryland-based Sandy Spring Bancorp in a deal valued at about $1.6 billion, creating one of the mid-Atlantic region’s largest banks and cementing the merged bank’s presence in Maryland and Northern Virginia. Atlantic Union Bankshares Corp., based in Richmond, said it entered an all-stock merger agreement with Olney-based Sandy Spring, the eighth-largest bank in the Baltimore region and the seventh largest in the state, based on deposits.