Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

For Sandy Spring Bancorp, It Looks Like Buy Or Be Bought

Banking regulators seem to be trying to achieve a delicate balance between a banking system that is too consolidated among a small group of giant institutions ("too big to fail") and a system that is too fragmented to run efficiently and provide high levels of service. While I believe that regulators will be loath to let the top 10 (or perhaps the top 20) banks get much larger, I also believe they'd like to see even more competition coming from the next tier. To that end, Sandy Spring Bancorp (NASDAQ:SASR) could have an interesting future in the Mid-Atlantic region as either a growth-by-M&A story or as a target itself.

Small By Some Measures, But Bigger Than You Think...

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