November 22, 2017 / 5:33 PM / in a year

Fed approves Sandy Spring Bancorp merger with WashingtonFirst Bankshares

WASHINGTON (Reuters) - The Federal Reserve Wednesday approved a merger between Sandy Spring Bancorp Inc(SASR.O) and WashingtonFirst Bankshares IncWFBI.O.

The deal allows Sandy Spring to indirectly acquire WashingtonFirst’s subsidiary bank, WashingtonFirst Bank, as well as acquire its non-bank subsidiary, 1st Portfolio, Inc.

The Fed also approved an application that would allow Sandy Spring Bank to merge with WashingtonFirst Bank, permitting it to establish and operate branches at existing WashingtonFirst Bank offices.

Reporting by Pete SchroederEditing by Chizu Nomiyama

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