Sandy Spring Bancorp is the holding company for Sandy Spring Bank, which operates around 50 branches in the Baltimore and Washington, DC, metropolitan areas. Founded in 1868, the bank is one of the largest and oldest headquartered in Maryland. It provides standard deposit services, including checking and savings accounts, money market accounts, and CDs. Commercial and residential real estate loans account for nearly three-quarters of the company's loan portfolio; the remainder is a mix of consumer loans, business loans, and equipment leases. The company also offers personal investing services, wealth management, trust services, insurance, and retirement planning.
Sandy Spring Bancorp's nonbank subsidiaries include money manager West Financial Services and Sandy Spring Insurance, which sells annuities and operates insurance agencies Chesapeake Insurance Group and Neff & Associates.
As with many of its peers, Sandy Spring Bancorp felt the sting of the recession and reported a nearly $20 million loss in 2009 as loan demand weakened and provisions to cover loan losses ballooned. The decrease in loan demand, however, helped the company to focus on its existing portfolio and reduce its nonperforming loans and provisions for loan losses. As the economy showed signs of a slow turnaround and the company's credit management efforts took hold, Sandy Spring Bancorp returned to profitability in 2010, reporting net income of more than $17 million. The company kept the momentum going into 2011 when charged-off loans and provisions for loan losses continued to decline and profits nearly doubled (net income of more than $34 million on revenues of nearly $183 million). Loan demand began to rebound as well.
In 2012 Sandy Spring Bancorp acquired CommerceFirst Bancorp, a small Maryland bank with a strong Small Business Administration lending practice. The $25.4 million transaction added five branches to Sandy Spring Bank's network. – less