Sandy Spring Bancorp announced Wednesday that it plans to issue new shares to raise $83 million. The number of shares to be issued hasn't been announced. The Olney-based bank holding company expects to use the proceeds for a variety of purposes, including acquisitions, debt reduction, capital for its subsidiary Sandy Spring Bank and to repay money received under the Troubled Asset Relief Program. Sandy Spring received $83 million in federal TARP money in December 2008.
- Eileen Ambrose