8-K

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):  November 19, 2009

SANDY SPRING BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland	000-19065	52-1532952
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  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 November 19, 2009, Sandy Spring Bancorp, Inc. issued a press release announcing that the Board of Directors has reduced the company’s quarterly common stock dividend to $0.01 from $0.12 per share, effective for the dividend payable December 17, 2009, to shareholders of record on December 7, 2009.  A copy of the press release is included is attached as Exhibit 99.1 hereto and is incorporated by reference herein.

Item 9.01   Financial Statements and Exhibits

Exhibits
Number	Description
99.1	Press Release dated November 19, 2009

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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.

	SANDY SPRING BANCORP, INC.
	(Registrant)
Date: November 19, 2009	By:	/s/ Daniel J. Schrider
		Daniel J. Schrider
		President and Chief Executive Officer

3

EX-99.1

        NEWS RELEASE

FOR IMMEDIATE RELEASE

SANDY SPRING BANCORP TO REDUCE FOURTH QUARTER

DIVIDEND TO $0.01 PER SHARE

Olney, Maryland, November 19, 2009 -- Sandy Spring Bancorp, Inc. (NASDAQ: SASR), the parent company of Sandy Spring Bank, announced that the board of directors has reduced the company's common stock dividend for the fourth quarter to $0.01 from $0.12 per share, payable December 17, 2009, to shareholders of record on December 7, 2009.  This action will enable the company to retain an additional $7.3 million in common equity per year.

“Our action today reflects our commitment to maintaining a strong balance sheet as we continue to work our way through the current economic cycle,” said Daniel J. Schrider, President and Chief Executive Officer.  “While our capital levels are healthy and exceed the regulatory requirements to be considered ‘well-capitalized,’ we believe that taking this further step to conserve shareholders’ equity is a prudent business decision in light of current economic conditions.  While we recognize the importance of the cash dividend to many of our shareholders, we believe it is in the best long-term interest of shareholders to be conservative in our capital planning.  With this action, we intend to defer consideration of any capital raising transaction until we consider market conditions to be more advantageous.”

About Sandy Spring Bancorp/Sandy Spring Bank

With $3.6 billion in assets, (Nasdaq:SASR) Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation, The Equipment Leasing Company and West Financial Services, Inc. Sandy Spring Bancorp is the oldest and largest publicly traded banking company headquartered and operating 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 42 community offices in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George's counties in Maryland, and in Fairfax and Loudoun counties in Virginia. Through its subsidiaries, Sandy Spring Bank also offers a comprehensive menu of leasing, insurance and investment management services. Visit www.sandyspringbank.com to locate an ATM near you or for more information about Sandy Spring Bank.

For additional information or questions, please contact:

Daniel J. Schrider, President & Chief Executive Officer, or

Philip J. Mantua, Executive V.P. & Chief Financial Officer

Sandy Spring Bancorp

17801 Georgia Avenue

Olney, Maryland 20832

1-800-399-5919

E-mail: DSchrider@sandyspringbank.com

                             PMantua@sandyspringbank.com

Web site:  www.sandyspringbank.com