• Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR

    Source: Nasdaq GlobeNewswire / 12 Jul 2023 13:00:00   America/Chicago

    OLNEY, Md., July 12, 2023 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. (Nasdaq – SASR) announced today that CME Term SOFR will be the replacement reference rate for certain fixed-to-floating rate debt securities issued by the Company that use three-month U.S. dollar LIBOR as the reference rate.

    In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the “LIBOR Rule”), the debt securities specified below issued by the Company will transition to 3-month Term SOFR (as administered by the CME Group Benchmark Administration Limited) plus the relevant tenor spread adjustment of 0.26161% established by the LIBOR Rule on the first applicable date after June 30, 2023.

    CUSIPSecurityFirst Applicable Date
    800363AB94.25% fixed-to-floating rate subordinated notes due 2029November 15, 2024(1)

    (1)  Redeemable at the Company’s option, subject to regulatory approval, either (i) in whole or in part on any interest payment date on or after November 15, 2024, or (ii) in whole but not in part, at any time following a regulatory capital treatment or tax event.

    About Sandy Spring Bancorp, Inc./Sandy Spring Bank

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    For additional information or questions, please contact:

    Daniel J. Schrider, Chair, President & Chief Executive Officer, or
    Philip J. Mantua, E.V.P. & Chief Financial Officer
    Sandy Spring Bancorp
    17801 Georgia Avenue
    Olney, Maryland 20832
    1-800-399-5919
    Email: DSchrider@sandyspringbank.com
    PMantua@sandyspringbank.com

    Website: www.sandyspringbank.com
    Media Contact:
    Diane Deskins Hicks
    240-749-9261
    dhicks@sandyspringbank.com


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