Sandy Spring Bancorp raises $101 million in stock offering

March 24, 2010

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 7.5 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 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.

- Eileen Ambrose

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.