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Sandy Spring Bancorp, Inc. Announces Completion of Acquisition of CommerceFirst Bancorp, Inc.

Buckley Sandler represented CommerceFirst Bancorp, Inc. in its acquisition by Sandy Spring Bancorp, Inc. Below is the press release detailing Sandy Spring's announcement of the completion of the acquisition.

OLNEY, Md., May 31, 2012 (GLOBE NEWSWIRE) -- Sandy Spring Bancorp, Inc. announced today that it has completed its previously announced acquisition of CommerceFirst Bancorp, Inc. and its wholly-owned subsidiary, CommerceFirst Bank. CommerceFirst Bank has been merged into Sandy Spring Bank.

Under the terms of the merger, CommerceFirst shareholders are receiving either $13.60 in cash or 0.8043 shares of Sandy Spring common stock for each share of CommerceFirst common stock held. Based on the final election results, CommerceFirst stockholders who elected to receive stock will receive a combination of stock and cash and those who elected to receive cash or who made no election will receive the cash consideration. Stockholders who have not previously surrendered their share certificates will receive information shortly on how to exchange their shares for the merger consideration.

As a result of the merger, Sandy Spring will expand its presence in Anne Arundel, Howard and Prince George's counties in central Maryland, where CommerceFirst Bank operated 5 full service branches. CommerceFirst's President and CEO, Richard J. Morgan, is joining Sandy Spring as Market President for the greater Annapolis region.

"We are pleased to welcome our new shareholders, clients and employees to Sandy Spring," said President and CEO Daniel J. Schrider. "Everything associated with this merger has gone extremely well. Our respective teams have been working to create a smooth transition for our new clients, and we are excited to bring our full range of products and services to them."