UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): October
6, 2008
SANDY
SPRING BANCORP, INC.
(Exact
name of registrant as specified in its charter)
Maryland
|
000-19065
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52-1532952
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(State
or other jurisdiction
of
incorporation)
|
(Commission
File Number)
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(IRS
Employer
Identification
No.)
|
17801
Georgia Avenue, Olney, Maryland 20832
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (301) 774-6400
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.06 Material Impairments
Sandy
Spring Bancorp, Inc. concluded on October 6, 2008, that it will record a $2.3
million pretax, non-cash charge in its third quarter earnings related to
impairment of goodwill associated with the Company’s leasing subsidiary, The
Equipment Leasing Company. In accordance with Statement of Financial Accounting
Standards No. 142, Goodwill and Other Intangible Assets, management re-evaluated
its recorded goodwill for possible impairment. Due to the extreme
volatility in the current markets and the lack of pricing data to value the
leasing portfolio, the impairment charge represents the Company’s best estimate
at this time. The impairment valuation will be reviewed again and adjusted,
as
necessary, in the fourth quarter. The press release announcing the
impairment charge is included as Exhibit 99.1 to this report.
Item
9.01 Financial Statements and Exhibits
Exhibits
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Number
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Description
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99.1
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Press
release dated October 7, 2008
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SANDY
SPRING BANCORP, INC.
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(Registrant)
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Date:
October 7, 2008
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By:
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/s/
Hunter R. Hollar
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Hunter
R. Hollar
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Chairman
and Chief Executive Officer
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