Sandy Spring Bank announces deal to buy WashingtonFirst for $489M

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Olney-based Sandy Spring Bank (NASDAQ: SASR) has a deal to purchase Reston-based WashingtonFirst Bank (NASDAQ: WFBI) for $489 million in stock, the banks announced Tuesday morning. WashingtonFirst Bank shareholders will get .8713 shares of Sandy Spring Bank stock for each share they own, based on a Sandy Spring Bank share price of $41.89. The deal is expected to close by the end of the year. If the merger goes through Sandy Spring Bank will have a total asset base of $7.5 billion. Sandy Spring...

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