Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 2011
SANDY SPRING BANCORP, INC.
(Exact name of registrant as specified in its charter)
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Maryland
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000-19065
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52-1532952
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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17801 Georgia Avenue, Olney, Maryland 20832
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (301) 774-6400
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On February 23, 2011, Sandy Spring Bancorp, Inc. (the “Company”) repurchased the common stock warrant issued to the U.S. Department of the Treasury pursuant to the Troubled Asset Relief Program (“TARP”) Capital Purchase Program for $4.5 million. The warrant was previously exercisable for 651,547 shares of the Company’s common stock at an exercise price of $19.13 per share. The warrant repurchase, together with the Company’s redemption in December 2010 of all of the remaining shares of its Fixed Rate Cumulative Perpetual
Preferred Stock, Series A, issued to the U.S. Treasury, represents full repayment of all TARP obligations and cancellation of all equity interests in the Company held by the U.S. Treasury.
A copy of the news release announcing the warrant repurchase is included as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
Exhibits
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99.1
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Press Release dated February 24, 2011
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SANDY SPRING BANCORP, INC. |
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(Registrant) |
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Date: February 24, 2011
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By:
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/s/ Ronald E. Kuykendall |
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Ronald E. Kuykendall |
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General Counsel and Secretary
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