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WashingtonFirst boosts profits ahead of purchase by Sandy Spring Bank (article)

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[As reported by Andy Medici, Washington Business Journal]

WashingtonFirst Bank (NASDAQ: WFBI) is seeing a jump in profits as it works to complete its $489 million sale to Sandy Spring Bank (NASDAQ: SASR), according to second quarter financial results released Friday.

Net income grew about 20 percent to $5.3 million, up from the $4.4 million reported by WashingtonFirst during the same time last year. The boost in profits comes even as the bank reported paying $532,000 in merger expenses, according to SEC filings.

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