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May 16, 2014
16:46 EDTSASRSandy Spring Bancorp to reserve funds in Q2, sees negative impact to earnings
Sandy Spring Bancorp announced that it will reserve funds in the second quarter in response to a verdict from a jury in the Anne Arundel County Circuit Court in the matter of Ashley, et al vs. CommerceFirst Bank, which involved claims based on the actions of a former employee of CommerceFirst Bank. Sandy Spring Bank acquired CommerceFirst Bank in 2012. The jury entered a verdict for damages totaling $6,050,000, including $5M in punitive damages. Compensatory damages of $1,050,000 are expected to be covered by insurance. "While we respect the judicial process, we do not believe that Sandy Spring Bank should be held liable for the actions of a former CommerceFirst Bank employee who acted outside the scope of his employment," said Daniel J. Schrider, Sandy Spring Bank President and CEO. "Because this outcome is not in the best interest of our shareholders, we will continue to fight it through the appropriate legal channels." Sandy Spring Bank will reserve the funds for these damages in the second quarter, which will negatively impact quarterly earnings.
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