Olney-based Sandy Spring Bancorp Inc. has received preliminary approval for an $83 million investment from the Treasury Department.
The investment is part of the federal government’s effort to stabilize the financial sector and push healthy banks to continue lending. As of Sept. 30, the bank met regulatory definitions of a “well-capitalized” institution. “The funds will support our lending activities in the local market as well as provide flexibility to evaluate future opportunities that may arise,” Sandy Spring President Daniel Schrider said in a statement.
