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Sandy Spring (SASR) Acquires WashingtonFirst (WFBI)
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On Tuesday, Sandy Spring Bancorp, Inc. (SASR - Free Report) and WashingtonFirst Bankshares, Inc. announced the merger of their subsidiaries, Sandy Spring Bank and WashingtonFirst Bank. The deal is expected to close in the fourth quarter of this year.
The combined company will have approximately $7.25 million assets with Sandy Spring and WashingtonFirst shareholders owning about 67.8% and 32.2%, respectively.However, the deal is subject to shareholders’ and legal approvals.
Per the terms, shareholders of WashingtonFirst will receive 0.8713 shares of Sandy Spring for each share they hold. However, if the average share price of Sandy Spring during a specified period of time is above $50.15 or below $37.07 per share, then the above mentioned exchange basis may change.
Also, the Chairman, President and two other members from the board of directors of the acquired company will join Sandy Spring’s board.
Since the announcement of the deal, shares of Sandy Spring have lost about 1.2%. However, this merger should bode well for the combined company, as it will be capable ofproviding a wide variety of products and services,and catering to more than 60,000 individuals and about 30,000 local businesses.
Shares of Sandy Spring have gained 9.9% in the last six months, outperforming the Zacks categorized Banks - Northeast industry’s decline of nearly 1%.
Some other stocks in the finance space worth considering include The PNC Financial Services Group, Inc. (PNC - Free Report) and Northern Trust Corporation (NTRS - Free Report) , carrying a Zacks Rank #2 (Buy).
PNC Financial’s current-year earnings estimates were revised 1.4% upward, over the last 30 days. Further, its shares increased 33.4%, in the last one year.
Northern Trust witnessed a1.1% upward earnings estimates revision for the current year, in the past 30 days. Moreover, its shares gained 20.8% in the last one year.
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Sandy Spring (SASR) Acquires WashingtonFirst (WFBI)
On Tuesday, Sandy Spring Bancorp, Inc. (SASR - Free Report) and WashingtonFirst Bankshares, Inc. announced the merger of their subsidiaries, Sandy Spring Bank and WashingtonFirst Bank. The deal is expected to close in the fourth quarter of this year.
The combined company will have approximately $7.25 million assets with Sandy Spring and WashingtonFirst shareholders owning about 67.8% and 32.2%, respectively.However, the deal is subject to shareholders’ and legal approvals.
Per the terms, shareholders of WashingtonFirst will receive 0.8713 shares of Sandy Spring for each share they hold. However, if the average share price of Sandy Spring during a specified period of time is above $50.15 or below $37.07 per share, then the above mentioned exchange basis may change.
Also, the Chairman, President and two other members from the board of directors of the acquired company will join Sandy Spring’s board.
Since the announcement of the deal, shares of Sandy Spring have lost about 1.2%. However, this merger should bode well for the combined company, as it will be capable ofproviding a wide variety of products and services,and catering to more than 60,000 individuals and about 30,000 local businesses.
Shares of Sandy Spring have gained 9.9% in the last six months, outperforming the Zacks categorized Banks - Northeast industry’s decline of nearly 1%.
Currently, Sandy Spring sports a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other stocks in the finance space worth considering include The PNC Financial Services Group, Inc. (PNC - Free Report) and Northern Trust Corporation (NTRS - Free Report) , carrying a Zacks Rank #2 (Buy).
PNC Financial’s current-year earnings estimates were revised 1.4% upward, over the last 30 days. Further, its shares increased 33.4%, in the last one year.
Northern Trust witnessed a1.1% upward earnings estimates revision for the current year, in the past 30 days. Moreover, its shares gained 20.8% in the last one year.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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