Sandy Spring Bancorp raises $101M in stock offering

March 23, 2010|By Eileen Ambrose |

Sandy Spring Bancorp said Tuesday it had raised about $101 million from a stock offering that was announced last week.

The Olney-based bank holding company sold about 7.47 million shares of common stock for $13.50 per share. The company said it will net about $96 million after subtracting commissions and underwriting discounts.

At the time the offering was announced, Sandy Spring said it would use the proceeds for a range of purposes, including debt reduction, capital for its subsidiary Sandy Spring Bank and repayment of money it received last year under the government's Troubled Asset Relief Program.

The company's stock closed Tuesday at $14.27 per share, up 1 cent.

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