Sandy Spring Bancorp has bought CommerceFirst Bancorp, and its wholly-owned subsidiary, CommerceFirst Bank for an undisclosed sum.
According to the deal, CommerceFirst shareholders will receive either $13.60 in cash or 0.8043 shares of Sandy Spring common stock for each share of CommerceFirst common stock held.
CommerceFirst stockholders who elected to receive stock will receive a combination of stock and cash and those who elected to receive cash or who made no election will receive the cash consideration, said the bank.
With the successful completion of the agreement, CommerceFirst Bank has been merged into Sandy Spring Bank.
The acquisition of CommerceFirst Bank will assist Sandy Spring to boost its presence in Anne Arundel, Howard and Prince George’s counties in central Maryland, where CommerceFirst Bank managed 5 full service branches.
CommerceFirst’s president and CEO Richard Morgan will join Sandy Spring as market president for the greater Annapolis region, according to the firm.
Sandy Spring Bancorp with $3.9bn of assets is a holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation and West Financial Services.