Return to Mergers & Acquisitions

Deal Overview

Buyer:
Sandy Spring Bancorp, Inc.
Actual Acquirer:
Sandy Spring Bancorp, Inc.
Target:
Annapolis Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/17/1996
Announcement Date:
4/17/1996
Announced Deal Value ($ M):
18.00
Status:
Completed
Completion Date:
8/30/1996
Announced Deal Value Per Share ($ )
22.92

Consideration Breakout
Common Stock ($M) 17.6
Common Stock Issued 556,705

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 203.8 183.5
Price / Tangible Book (%) 203.8 183.5
Price / Earnings (x) 15.9 12.9
Price / Deposits (%) 28.13 26.76
Price / Assets (%) 22.00 21.71
Tangible Book Premium/ Deposits (%) 16.32 13.82
Deal Terms
Description of Consideration

Annapolis Bancshares shareholders received 0.62585 share of Sandy Spring common for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 700
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.6259
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Ferris Baker Watts LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Kennedy Sutherland LLP
Seller Yes Muldoon Murphy & Aguggia LLP