{"id":769387,"date":"2023-07-12T14:13:57","date_gmt":"2023-07-12T18:13:57","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sandy-spring-bancorp-inc-announces-transition-of-libor-based-securities-to-cme-term-sofr\/"},"modified":"2023-07-12T14:13:57","modified_gmt":"2023-07-12T18:13:57","slug":"sandy-spring-bancorp-inc-announces-transition-of-libor-based-securities-to-cme-term-sofr","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sandy-spring-bancorp-inc-announces-transition-of-libor-based-securities-to-cme-term-sofr\/","title":{"rendered":"Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR"},"content":{"rendered":"<div class=\"mw_release\">\n<p>OLNEY, Md., July  12, 2023  (GLOBE NEWSWIRE) &#8212; Sandy Spring Bancorp, Inc. (Nasdaq \u2013 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.<\/p>\n<p>In accordance with the Adjustable Interest Rate (LIBOR) Act (the \u201cLIBOR Act\u201d) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the \u201cLIBOR Rule\u201d), 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.<\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">CUSIP<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Security<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">First Applicable Date<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">800363AB9<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">4.25% fixed-to-floating rate subordinated notes due 2029<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">November 15, 2024<sup>(1)<\/sup><\/td>\n<\/tr>\n<\/table>\n<p>(1)\u00a0 Redeemable at the Company\u2019s 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.<\/p>\n<p>\n        <strong>About Sandy Spring Bancorp, Inc.\/Sandy Spring Bank<\/strong>\n      <\/p>\n<p>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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PgCeUadeHamzijTy8NeZcF-31N0Gnn0Pf8RYtK5arHALoMvFiLpKPI3H9uosqxa8EhOwZ6JPW7IXvPzSo8gsFWGRzOxt-D75kSQ1bvVpf8gZZ3_8E_1LDTDYIvPM-IH-\" rel=\"nofollow noopener\" target=\"_blank\"><u>over 50 locations<\/u><\/a>, the bank offers a broad range of <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uIO_aEAqa6xyPoGEomlIg_lMVw8SleacbqFKPqKIblbfP8W3BqesQe2vRwd68bvx-Fl_WAOnEmZ_HnwA0sPqFeUvLsOr3MkmTpqyCNDkdAU=\" rel=\"nofollow noopener\" target=\"_blank\"><u>commercial<\/u><\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zra4U5YZ1dzg7yHHYhp951-U62ydzAQ6H3xFJrZiOYFrKe1NW6SeQU67tlF9VVkUg49PAbqLTFH_cNGAvWrP3lsm5R2kwHZrfsXjGyaRsfk=\" rel=\"nofollow noopener\" target=\"_blank\"><u>retail banking<\/u><\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hXLgNMTuTUzIk1U4-KnnU7H9R1zX7_OXlVVlL5zE7yo-aVHyD_NTVoKCt90SthLsxOWCwTpan_TJOFKLxT_8afq1RuqvcPBvIDxIhQcyX7pn_i0NZVRQyn8OMTQSmIkS\" rel=\"nofollow noopener\" target=\"_blank\"><u>mortgage<\/u><\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hev62dKAy3h_avVQ2s2mPBrv4BSMmQS0voXfgCiUiPUra_vHo4huxm9mc-mcLOHXTRXXNBj79Iys44tK1QGmsGnioTbfL8kxdn2DwvG_aLT3Au2QJ5YGMxQPOLflryxE\" rel=\"nofollow noopener\" target=\"_blank\"><u>private banking<\/u><\/a>, and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Jwujj_eF8cKb0I95TKMMXoi0U7RKT1xvVj2lEhzwvdABwGYvIe2pRbYoSkN_XK0bNiB8ZogrthdhUGBRC79nXebXMsCBaW501fejIdcwqGs=\" rel=\"nofollow noopener\" target=\"_blank\"><u>trust<\/u><\/a> services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Iitc3LUcAkoqqOa9FambmQ89QwdAmNkuqDNkIkb2xTA5pbXi0Z7fIM5ewYvC0zJBBR0fDO7Qvq3lp96A-yj03svLoRsqOq6n3c3A26vTedU=\" rel=\"nofollow noopener\" target=\"_blank\"><u>Rembert Pendleton Jackson<\/u><\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gam5lEPCWHxyX_KWZH25U3-uts5uFsY7k2XoR50Ce6h15y0Pg7Qy8C3M7xL5Q_qh04SaoeFXzhpyJ7KCe8IBmIiv3Gs-5oBFQRMm4IZrbF9UySLPllWTlLgFzAK-7or-\" rel=\"nofollow noopener\" target=\"_blank\"><u>West Financial Services, Inc.<\/u><\/a>, Sandy Spring Bank also offers a comprehensive menu of wealth management services.<\/p>\n<p>\n        <strong>For additional information or questions, please contact:<\/strong>\n      <\/p>\n<p>Daniel J. Schrider, Chair, President &amp; Chief Executive Officer, or<br \/>Philip J. Mantua, E.V.P. &amp; Chief Financial Officer<br \/>Sandy Spring Bancorp<br \/>17801 Georgia Avenue<br \/>Olney, Maryland 20832<br \/>1-800-399-5919<br \/>Email:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pLydNwUrTgnaC_lfoYQzE9XNdoAKlY1Z07lTokNm5UYIPWfpivTIrxiw3WzE1rwvmSB8M_nmM5hIQ_-Mc-QfXBCNwaYW6Jt1p1VG7WgJx7Eq6mP9x5586Vty_aA2zTiZ\" rel=\"nofollow noopener\" target=\"_blank\">DSchrider@sandyspringbank.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cT7GVspGyFfxTqVKlaGtsinVS7FtGAoS_MsqF3o6_XtJkaGoQZRv1GsHIjAS1bXbzid1agUTeTlh-xI7RWPIFPQ-Ib2QZeXWwi-7W_WUki0yPcbmiBo_5rDcbd-3ghlU\" rel=\"nofollow noopener\" target=\"_blank\">PMantua@sandyspringbank.com<\/a><\/p>\n<p>Website:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Aah3f-NKOfxMvemeNoekbkg8AebrHQkqRUtcOstYAEFsThfcmWVH-GM8TAWK3YOILERXL9FPely9exG4My_cJiWt8AdCrQRaDFsays39UT8=\" rel=\"nofollow noopener\" target=\"_blank\">www.sandyspringbank.com<\/a><br \/>Media Contact:<br \/>Diane Deskins Hicks<br \/>240-749-9261<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tn9jJxMRqrTxjt1uSStaz5uZnoypJxx1ky4rSkyNfriA4qHfYE2iRyFihRoUNHPgEk9X5vfMmJPLnAFh7qje9zWPYJc-UZ30bf7HBkpfyo5MOiLyQ_E1-08WFwDll1gO\" rel=\"nofollow noopener\" target=\"_blank\">dhicks@sandyspringbank.com<\/a><\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg3MzUyNyM1Njg5NjM0IzIwMjA4NDA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NWE0MTBjOTItYmQyZC00NzgxLWIwZGUtNzNhNGI3ZTVhMzRlLTEwMzIxNzM=\/tiny\/Sandy-Spring-Bancorp-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>OLNEY, Md., July 12, 2023 (GLOBE NEWSWIRE) &#8212; Sandy Spring Bancorp, Inc. (Nasdaq \u2013 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 \u201cLIBOR Act\u201d) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the \u201cLIBOR Rule\u201d), 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sandy-spring-bancorp-inc-announces-transition-of-libor-based-securities-to-cme-term-sofr\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-769387","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sandy-spring-bancorp-inc-announces-transition-of-libor-based-securities-to-cme-term-sofr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sandy Spring Bancorp, Inc. Announces Transition of LIBOR-based Securities to CME Term SOFR - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"OLNEY, Md., July 12, 2023 (GLOBE NEWSWIRE) &#8212; Sandy Spring Bancorp, Inc. (Nasdaq \u2013 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 \u201cLIBOR Act\u201d) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the \u201cLIBOR Rule\u201d), 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 &hellip; Continue reading &quot;Sandy Spring Bancorp, Inc. 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In accordance with the Adjustable Interest Rate (LIBOR) Act (the \u201cLIBOR Act\u201d) and the final regulations issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act (the \u201cLIBOR Rule\u201d), 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 &hellip; Continue reading \"Sandy Spring Bancorp, Inc. 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