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Troutman Sanders Assists WashingtonFirst in Merger Creating Largest Community Bank Headquartered in D.C. Metro Area


WASHINGTON, May 16, 2017 – Troutman Sanders LLP announced today that it is advising Virginia-based WashingtonFirst Bankshares, Inc. (Nasdaq: WFBI, “WashingtonFirst”), which has agreed to be acquired by Sandy Spring Bancorp, Inc. (Nasdaq: SASR, “Sandy Spring”). The transaction, valued at $489 million, will result in the creation of the largest community bank headquartered in the D.C. metro area, and is expected to close in the fourth quarter.

The two well-known brands will have a combined $7.5 billion in assets, and through the merger will be able to expand their services throughout Maryland, Washington, D.C. and Virginia – particularly in Northern Virginia. WashingtonFirst shareholders are expected to receive .8713 shares of Sandy Spring common stock for each share owned of WashingtonFirst common stock, subject to adjustment if Sandy Spring’s average stock price during a specified measurement period prior to closing is more than $50.15 or less than $37.07 per share.

Troutman Sanders partners Jake Lutz, Mark W. Jones and Lynda Crouse and other attorneys from the firm’s Employee Benefits, Tax, and other sections advised WashingtonFirst on the deal. Detailed information on the transaction can be found here .

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