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<P align=center><FONT face=serif size=2><B><FONT face=serif size=5>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>WASHINGTON, D.C.
20549</B></FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B></P>
<P align=center><FONT face=serif size=2>CURRENT REPORT </FONT></P>
<P align=center><FONT face=serif size=2>PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P align=center><FONT face=serif size=2>DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED):&nbsp;<B> December 13, 2006</B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
  <TR vAlign=top>
    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2><B><FONT face=serif
      size=5>Sandy Spring Bancorp, Inc.</FONT></B></FONT></TD>
    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>

    <TD width="10%"></TD>
    <TD>
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    </TD>
    <TD width="10%"></TD></TR>
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    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2>(Exact name of registrant as
      specified in its charter) </FONT></TD>

    <TD align=left width="10%"><FONT face=serif
  size=2>&nbsp;</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>COMMISSION FILE
NUMBER<B>:&nbsp;&nbsp;</B><B><U></U></B></FONT></P>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle width="35%"><FONT face=serif
    size=2><B>Maryland</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle width="35%"><FONT face=serif
      size=2><B>52-1532952</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR>
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    </TD>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle width="35%"><FONT face=serif size=2>(State or other
      jurisdiction of incorporation or organization)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle width="35%"><FONT face=serif size=2>(I.R.S. Employer
      Identification No.)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR></TABLE><BR><BR>
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  <TR vAlign=top>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=1>&nbsp;</FONT><FONT face=serif
      size=2><B>17801 Georgia Avenue<BR><BR>Olney, MD 20832</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR>

  <TR vAlign=top bgColor=#ffffff>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle>
      <HR noShade SIZE=1>
      <FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2>(Address and zip code of
      principal executive offices)</FONT></TD>

    <TD align=left width="10%">&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2>&nbsp;</FONT></TD>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2><B>301-774-6400</B></FONT></TD>

    <TD align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD align=left>&nbsp;</TD>
    <TD align=middle>
      <HR noShade SIZE=1>
    </TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle><FONT face=serif size=2>(Registrant's telephone number,
      including area code)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face=serif size=2>CHECK THE APPROPRIATE BOX BELOW IF THE
FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF
THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:</FONT></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</FONT></P></DIV>
<P align=center><FONT face=serif size=2>1 of 2 </FONT></P>
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<TD align=left width="11%"><FONT face=serif size=2><B>Item
5.02</B></FONT></TD>
<TD align=left><FONT face=serif size=2><B>DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS</B></FONT></TD></TR>
<TR vAlign=top>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR></table>

<br>
<p align="left">
<font size="2" face="Times New Roman">At its meeting of December 13, 2006, the Option Committee of Sandy Spring Bancorp, Inc., consisting of the independent members of the board of directors, granted stock awards under the issuer&rsquo;s 2005 Omnibus Stock Plan (the &ldquo;Stock Plan&rdquo;). These awards included grants of restricted stock and stock options to directors and executive officers. The terms of the awards are set forth in the Stock Plan and in written agreements between the issuer and the recipients.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman"><u>Restricted Stock.</u></font>
</p>
<p align="left">
<font size="2" face="Times New Roman">The subject restricted stock awards were the first made by the issuer. The recipients of these awards may vote and receive all of the dividends on the shares, whether or not vested, but may not sell the shares or use them as collateral for any borrowing unless and until they are vested. All of the awards are of Sandy Spring Common Stock par value $1.00 per share, and vest in installments of 20% each on the first through the fifth anniversary of the date of grant, provided that all restrictions end, and shares are fully vested upon a change in control of the issuer or the permanent and total disability or death of the recipient. Any departure for reasons other than these results in the forfeiture of all unvested shares. The market price on the date of grant was $37.40 per share.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Each non-officer director received 269 shares of restricted stock on the same terms as those awarded to executive officers.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman"><u>Stock Options</u></font><font size="2" face="Times New Roman">. </font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Incentive stock options were awarded to executive officers. Nonincentive stock options were awarded to non-officer directors. The exercise price of all options was the market price at the date of grant. All of these options are exercisable for shares of Sandy Spring Common Stock par value $1.00 per share and vest in installments of 1/3 each on the first through the third anniversary of the date of grant. All of the options expire on the seventh anniversary of the date of grant. The issuer made grants on similar terms in previous years, although expiration dates and vesting periods varied.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman"><u>Shares Subject to Awards to Certain Executive Officers</u></font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Shares of restricted stock and shares issuable upon the exercise of incentive stock options awarded on December 13, 2006, to the principal executive officer, the principal financial officer, and the other named executive officers are shown below:</font>
</p>
<br>
<div style="margin-left:-5.0pt">
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<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
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</TD><TD valign="bottom" align="center" width="96">
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</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="center" width="159" valign="bottom">&nbsp;</TD><TD align="center" width="303" valign="bottom">
<br>&nbsp;<br>&nbsp;<br>
<font size="2" face="Times New Roman">Title</font></TD><TD align="left" width="96" valign="bottom"><font size="2" face="Times New Roman">Restricted Shares</font></TD><TD align="center" width="96" valign="bottom">
<br>&nbsp;<br>&nbsp;<br>
<font size="2" face="Times New Roman">Options</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Hunter R. Hollar</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">President and Chief Executive Officer (Principal Executive Officer)</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">2,500</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">11,500</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Philip J. Mantua</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President and Chief Financial (Principal Financial Officer)</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">1,000</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">5,000</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Frank H. Small</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President and Chief Operating Officer</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">1,500</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">7,000</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Daniel J. Schrider</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President and Chief Credit Officer</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">1,000</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">5,000</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">R. Louis Caceres</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">1,000</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">5,000</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
</TR>
<TR>
<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Ronal E. Kuykendall</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President, General Counsel and Secretary</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">500</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">3,000</font></TD>
</TR>
<TR>
<TD valign="bottom" align="center" width="159">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="303">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD><TD valign="bottom" align="center" width="96">
<hr noshade="noshade" size="1">
</TD>
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<TD align="left" width="159" valign="top"><font size="2" face="Times New Roman">Sara E. Watkins</font></TD><TD align="left" width="303" valign="top"><font size="2" face="Times New Roman">Executive Vice President</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">500</font></TD><TD align="right" width="96" valign="bottom"><font size="2" face="Times New Roman">3,000</font></TD>
</TR>
</TABLE>
</div>

<p>&nbsp;</p>
<P align=center><FONT face=serif size=2><B>SIGNATURE</B></FONT></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2>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.</FONT></P></DIV>
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  <TR vAlign=top>
    <TD align=middle width="49%"></TD>
    <TD align=middle width="2%"></TD>
    <TD align=left colSpan=2><FONT face=serif size=2>Sandy Spring Bancorp, Inc.</FONT></TD></TR>
  <TR vAlign=top>
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=middle width="49%"></TD>
    <TD align=middle width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>By:</FONT></TD>
    <TD align=left><FONT face=serif size=2>/s/ Hunter R. Hollar</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left>
      <HR noShade SIZE=1>
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  <TR vAlign=top>
    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Name:</FONT></TD>
    <TD align=left><FONT face=serif size=2>Hunter R. Hollar</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Title:</FONT></TD>
    <TD align=left><FONT face=serif size=2>President and CEO</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Date:</FONT></TD>
    <TD align=left><FONT face=serif size=2>December 15, 2006</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR></TABLE>
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Prepared and Filed by St Ives Financial
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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 13, 2006
Sandy Spring Bancorp, Inc.
(Exact name of registrant as
      specified in its charter)
COMMISSION FILE
NUMBER
:
Maryland
52-1532952
(State or other
      jurisdiction of incorporation or organization)
(I.R.S. Employer
      Identification No.)
17801 Georgia Avenue
Olney, MD 20832
(Address and zip code of
      principal executive offices)
301-774-6400
(Registrant's telephone number,
      including area code)
CHECK THE APPROPRIATE BOX BELOW IF THE
FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF
THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
1 of 2
Item
5.02
DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
At its meeting of December 13, 2006, the Option Committee of Sandy Spring Bancorp, Inc., consisting of the independent members of the board of directors, granted stock awards under the issuer's 2005 Omnibus Stock Plan (the "Stock Plan"). These awards included grants of restricted stock and stock options to directors and executive officers. The terms of the awards are set forth in the Stock Plan and in written agreements between the issuer and the recipients.
Restricted Stock.
The subject restricted stock awards were the first made by the issuer. The recipients of these awards may vote and receive all of the dividends on the shares, whether or not vested, but may not sell the shares or use them as collateral for any borrowing unless and until they are vested. All of the awards are of Sandy Spring Common Stock par value $1.00 per share, and vest in installments of 20% each on the first through the fifth anniversary of the date of grant, provided that all restrictions end, and shares are fully vested upon a change in control of the issuer or the permanent and total disability or death of the recipient. Any departure for reasons other than these results in the forfeiture of all unvested shares. The market price on the date of grant was $37.40 per share.
Each non-officer director received 269 shares of restricted stock on the same terms as those awarded to executive officers.
Stock Options
.
Incentive stock options were awarded to executive officers. Nonincentive stock options were awarded to non-officer directors. The exercise price of all options was the market price at the date of grant. All of these options are exercisable for shares of Sandy Spring Common Stock par value $1.00 per share and vest in installments of 1/3 each on the first through the third anniversary of the date of grant. All of the options expire on the seventh anniversary of the date of grant. The issuer made grants on similar terms in previous years, although expiration dates and vesting periods varied.
Shares Subject to Awards to Certain Executive Officers
Shares of restricted stock and shares issuable upon the exercise of incentive stock options awarded on December 13, 2006, to the principal executive officer, the principal financial officer, and the other named executive officers are shown below:
Title
Restricted Shares
Options
Hunter R. Hollar
President and Chief Executive Officer (Principal Executive Officer)
2,500
11,500
Philip J. Mantua
Executive Vice President and Chief Financial (Principal Financial Officer)
1,000
5,000
Frank H. Small
Executive Vice President and Chief Operating Officer
1,500
7,000
Daniel J. Schrider
Executive Vice President and Chief Credit Officer
1,000
5,000
R. Louis Caceres
Executive Vice President
1,000
5,000
Ronal E. Kuykendall
Executive Vice President, General Counsel and Secretary
500
3,000
Sara E. Watkins
Executive Vice President
500
3,000
SIGNATURE
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
Name:
Hunter R. Hollar
Title:
President and CEO
Date:
December 15, 2006