-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JJna1+L0m4wTCewIwhIWTUpOM8gy46eOYHbMjKdBbQoquf4DYmyHQxPTMsTuzEhM EBPCpvncBGCzo+BAIYrhgw== 0001005150-03-000660.txt : 20030327 0001005150-03-000660.hdr.sgml : 20030327 20030327145346 ACCESSION NUMBER: 0001005150-03-000660 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030326 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANDY SPRING BANCORP INC CENTRAL INDEX KEY: 0000824410 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 520312970 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19065 FILM NUMBER: 03620668 BUSINESS ADDRESS: STREET 1: 17801 GEORGIA AVE CITY: OLNEY STATE: MD ZIP: 20832 BUSINESS PHONE: 3017746400 MAIL ADDRESS: STREET 1: 17801 GEORGIA AVENUE CITY: OLNEY STATE: MD ZIP: 20832 8-K 1 form8-k.txt FORM 8-K 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): March 26, 2003 -------------- Sandy Spring Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter)
Maryland 0-19065 52-1532952 - ---------------------------------------- ------------------------------------- ------------------------------------- (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) Identification Number) 17801 Georgia Avenue, Olney, Maryland 20832 - -------------------------------------------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (301) 774-6400 -------------- Item 5. Other Events. - -------------------- On March 26, 2003, the Board of Directors of Sandy Spring Bancorp, Inc. ("Bancorp") authorized the repurchase of up to an additional 5% of the 14,536,094 outstanding shares of Bancorp common stock, par value $1.00 per share, in connection with shares expected to be issued pursuant to Bancorp's stock option and employee benefit plans and for other corporate purposes. The share repurchases would be made on the open market and in privately negotiated transactions, from time to time until March 31, 2005, or earlier termination of the program by the Board. Bancorp's previous repurchase program expires on March 31, 2003. For additional information, see the News Release included as Exhibit 99. Item 7. Financial Statements and Exhibits. - ----------------------------------------- (a) Exhibit 99 - News Release dated March 27, 2003. 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. SANDY SPRING BANCORP, INC. By: Hunter R. Hollar ---------------------------- Hunter R. Hollar President and Chief Executive Officer Dated : March 27, 2003 EX-99 3 ex-99.txt EXHIBIT 99 EXHIBIT 99 FOR IMMEDIATE RELEASE SANDY SPRING BANCORP ANNOUNCES NEW SHARE REPURCHASE PROGRAM OLNEY, MARYLAND, March 27, 2003 ---- Sandy Spring Bancorp, Inc., (Nasdaq -SASR) today announced that its Board of Directors has authorized the repurchase of up to an additional 5%, or approximately 727,000 shares, of its outstanding common stock, in connection with shares expected to be issued under Bancorp's stock option and employee benefits plans and other corporate purposes. The share repurchases are expected to be made primarily on the open market from time to time until March 31, 2005 or earlier termination of the repurchase program by the Board. Repurchases under the program will be made in the discretion of management based upon market, business, legal, accounting and other factors. Bancorp has purchased the equivalent of 49,560 shares of its common stock under its previous share repurchase program, which expires on March 31, 2003. Hunter R. Hollar, President and Chief Executive Officer of Sandy Spring Bancorp, stated that the company believes the share repurchase program is in the best interests of Bancorp and its shareholders. Sandy Spring Bancorp's 14,536,094 outstanding shares of common stock trade on the Nasdaq National Market under the symbol SASR, and closed yesterday at a price of $33.26 per share. About Sandy Spring Bancorp/Sandy Spring Bank With over $2.3 billion in assets, Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation and The Equipment Leasing Company. Sandy Spring Bancorp is the third largest publicly traded banking company headquartered in Maryland. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868 and offers a broad range of commercial banking, retail banking and trust services through 29 community offices and 45 ATMs located in Anne Arundel, Frederick, Howard, Montgomery, and Prince George's counties in Maryland. Visit www.sandyspringbank.com for more information. For additional information or questions, please contact: Hunter R. Hollar, President & Chief Executive Officer or James H. Langmead, Executive Vice President & Chief Financial Officer Sandy Spring Bancorp 17801 Georgia Avenue Olney, Maryland 20832 800-399-5919 E-mail: HHollar@sandyspringbank.com JLangmead@sandyspringbank.com Web site: www.sandyspringbank.com -----END PRIVACY-ENHANCED MESSAGE-----