May 16, 2017 / 11:21 AM / 3 months ago

BRIEF-Sandy Spring Bancorp to buy WashingtonFirst Bankshares

May 16 (Reuters) - Sandy Spring Bancorp Inc

* Sandy spring bancorp acquisition of washingtonfirst bankshares to create region’s largest, locally-headquartered community bank

* Sandy spring bancorp inc - have entered into a definitive agreement for sandy spring to acquire virginia-based washingtonfirst

* Sandy spring bancorp inc says upon closing, sandy spring bank will merge washingtonfirst bank into sandy spring bank

* Sandy spring bancorp inc says transaction, which is expected to close in q4, has a value of $489 million in aggregate

* Says upon closing, sandy spring shareholders will own approximately 67.8% of combined company

* Sandy spring bancorp inc - transaction has been unanimously approved by board of directors of each company

* Sandy spring bancorp - washingtonfirst shareholders are expected to receive 0.8713 shares of co's stock for each share owned of washingtonfirst common stock

* Says upon closing, washingtonfirst's shareholders will own approximately 32.2% of combined company

* Sandy spring -upon closing, sandy spring shareholders will own about 67.8% of combined co and washingtonfirst's shareholders will own about 32.2% of combined co Source text for Eikon: Further company coverage:

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