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): December 20, 2002
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Sandy Spring Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 0-19065 52-1532952
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(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification Number)
17801 Georgia Avenue, Olney, Maryland 20832
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (301) 774-6400
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Item 5. Other Events.
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By this Form 8-K, Sandy Spring Bancorp, Inc., parent of Sandy
Spring Bank, Olney, Maryland, reports that it has completed its analysis of the
application of Statement of Financial Accounting Standards 147 ("SFAS 147") to
its unidentified intangible assets that resulted from two separate branch
acquisitions occurring in 1999 and 1996, and has determined that neither of the
sets of assets and liabilities transferred in the two branch transactions meets
the definition of a business for purposes of SFAS 147. Accordingly, Bancorp will
continue to amortize these unidentifiable intangible assets without change in
method. As of December 31, 2001, the net carrying amount of these unidentifiable
intangible assets was $13,711,000 with a weighted average remaining life of 9.7
years
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.
SANDY SPRING BANCORP, INC.
By: /s/ Hunter R. Hollar
Hunter R. Hollar
President and
Chief Executive Officer
Dated : December 20, 2002