WASHINGTON — Sandy Spring Bancorp Inc. is not only the largest locally-based community bank in the D.C. region, it is also the oldest community bank in Maryland, and it marks its 150th anniversary with the creation of a new charitable foundation.
The Olney, Maryland-based bank has launched the Sandy Spring Bank Foundation, with an initial round of charitable donations to three local charitable causes who will share $150,000.
Sandy Spring’s 1,000 or so employees will also roll up their sleeves and aim for a volunteer goal this year, the company said.
Habitat for Humanity Metro Maryland, Inova Sports Medicine Institute and Martha’s Table each received checks for $50,000 from Sandy Spring Bank President and CEO Daniel Schrider at an event at the bank’s Penn Quarter branch Wednesday morning.
The foundation’s contribution to Habitat for Humanity in Maryland will help the nonprofit buy its next vacant, distressed home in Prince George’s County that will be rehabbed and sold to an income-qualified Habitat owner with a no-profit, 30-year mortgage. Bank employees will also get involved.
“Our employees will be involved in the building of the home, since we’ll serve as a lead house sponsor in 2018. They are very excited to roll up their sleeves and be involved in this project,” Schrider told WTOP.
Inova Sports Medicine Institute provides underprivileged youth in Northern Virginia with access to sports-performance coaching and education. Sandy Spring’s partnership will include a sports-performance camp and free concussion testing.
Sandy Spring Bank Foundation will serve as the lead literacy sponsor for Martha’s Table, to fund a full-time literacy coach and pay for books.
The foundation creates several opportunities for bank employees to give back.
“We’ve challenged each employee to log 50 volunteer hours in 2018, which will result in an overall goal of achieving 50,000 volunteer hours,” Schrider said.
Sandy Spring Bank, founded in 1868, acquired Reston-based WashingtonFirst Bank for $489 million last year.