Olney-based Sandy Spring Bank is buying Reston-based WashingtonFirst Bank for $489 million in stock,a pace that will expand the Maryland bank's footprint in the lucrative Virginia market.
The deal, announced Tuesday morning, and works out to about $36.50 a share for WashingtonFirst,a 27 percent premium on its Monday closing price of $28.84.
Sandy Spring Bancorp Inc. stock (NASDAQ: SASR) dropped about 5 percent this morning on the news, falling $2.10 per share to $40.62. WashingtonFirst Bankshares…
Source: bizjournals.com