Atlantic Union Bankshares Corp AUB has announced its acquisition of Sandy Spring Bancorp Inc SASR for $1.6 billion, marking the fourth regional bank deal exceeding $1 billion this year.

What Happened: The all-stock transaction will enhance Atlantic Union’s presence in Northern Virginia and Maryland, creating a regional powerhouse with $39.2 billion in assets, Reuters reported.

Sandy Spring shareholders will receive 0.90 shares of Atlantic for each share held, valuing Sandy Spring at $34.93 per share, a 7.1% premium. The deal is expected to boost Atlantic’s earnings per share by 23% by the end of 2026, with completion anticipated by the third quarter of 2025.

Price Action: Atlantic Union Bankshares closed at $36.81 on Wednesday, gaining 1.02% during the day. Year to date, the stock has risen by 0.99%. Meanwhile, Sandy Spring Bancorp stock finished at $32.36 on the same day, up 1.00%. Year to date, Sandy Spring has seen an increase of 18.27%, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote