OLNEY, Md. - Sandy Spring Bancorp, Inc. (NASDAQ:SASR), the parent company of Sandy Spring Bank, has announced the promotion of Charles S. Cullum as its new Chief Financial Officer. Cullum, previously the Deputy Chief Financial Officer and Treasurer, succeeds Philip J. Mantua, who will retire by the end of the year but will stay on to assist with the leadership transition.
Cullum's ascension to CFO comes after a steady climb through the ranks since joining the bank in 2006. His career in banking began 20 years ago as a teller, showcasing a significant journey within the financial industry. Under his financial leadership, the company has experienced growth, expanding from a $3 billion to a $14 billion operation.
Daniel J. Schrider, Chair, President, and CEO of Sandy Spring Bank, expressed confidence in Cullum's abilities to lead the financial operations of the company. Schrider highlighted the bank's positive momentum in the first quarter as a conducive environment for this executive change.
Cullum has been instrumental in representing Sandy Spring Bancorp within the investment community and has worked closely with the executive leadership team in anticipation of his new role. He stated his commitment to continuing the company's growth by delivering superior client service and shareholder value.
Sandy Spring Bancorp, headquartered in Olney, Maryland, operates as a premier community bank in the Greater Washington, D.C. area. With over 50 locations, it provides a variety of banking, mortgage, private banking, and trust services in Maryland, Virginia, and Washington, D.C. The company also offers wealth management services through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc.
The information in this article is based on a press release statement from Sandy Spring Bancorp, Inc.
InvestingPro Insights
As Sandy Spring Bancorp, Inc. (NASDAQ:SASR) welcomes Charles S. Cullum as its new Chief Financial Officer, the company's financial outlook as per InvestingPro data and insights reflects a mix of steadfast tradition and current market challenges.
With a market capitalization of approximately $1.08 billion and a price-to-earnings (P/E) ratio of 11.65, Sandy Spring Bancorp presents a stable investment profile. Despite a challenging environment that has seen a revenue decline of 19.09% over the last twelve months as of Q1 2024, the company has managed to maintain an operating income margin of 34.82% in the same period.
One of the most notable InvestingPro Tips for potential investors is the company's admirable track record of dividend payments, having sustained them for 29 consecutive years, showcasing a commitment to shareholder returns.
This is coupled with a solid dividend yield of 5.65% as of the latest data, which could be appealing for income-focused investors. On the other hand, analysts have flagged concerns, revising earnings downwards for the upcoming period and pointing out weak gross profit margins.
For those interested in a deeper analysis, InvestingPro offers additional insights on Sandy Spring Bancorp, including an InvestingPro Fair Value estimate of $31.27, suggesting a potential undervaluation at the current price.
With a total of 6 additional InvestingPro Tips available, investors can gain a comprehensive understanding of the company's financial health and future prospects. To access these insights, visit https://www.investing.com/pro/SASR and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.