November 22, 2017
Federal Reserve Board announces approval of proposal by Sandy Spring Bancorp, Inc.
For release at 12:00 p.m. EST
The Federal Reserve Board on Wednesday announced its approval of the proposal under sections 3 and 4 of the Bank Holding Company Act of 1956 by Sandy Spring Bancorp, Inc., Olney, Maryland, to merge with WashingtonFirst Bankshares, Inc. ("WashingtonFirst"), and thereby indirectly acquire WashingtonFirst's subsidiary bank, WashingtonFirst Bank, both of Reston, Virginia, and acquire WashingtonFirst's nonbank subsidiary, 1st Portfolio, Inc., Fairfax, Virginia. The Board also approved the applications under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by Sandy Spring Bank, Olney, Maryland, to merge with WashingtonFirst Bank and to establish and operate branches at locations of the main office and branches of WashingtonFirst Bank.
Attached is the Board's order relating to these actions.
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