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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16PT'>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16PT'>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10PT'>WASHINGTON, D.C. 20549</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:16PT'>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:10PT'>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10pt'>Pursuant to Section 13 or 15(d) of the</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font style='font-size:10pt'><b>December
  13, 2006</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Date
  of Report (Date of earliest event reported)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font style='font-size:18PT'>SANDY SPRING BANCORP, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Exact name of Registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>

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                    <td align=center valign=top width="280"><b><font style='font-size:10pt'>Maryland</font></b><br>
<font style='font-size:10pt'>(State or other jurisdiction</font><br>
<font style='font-size:10pt'>of incorporation)</font><br></td>
        <td align=center valign=top width="280"><b><font style='font-size:10pt'>000-19065</font></b><br>
            <font style='font-size:10pt'>(Commission File Number)</font><br>
<font style='font-size:10pt'>&nbsp;</font><br></td>
        <td align=center valign=top width="280"><b><font style='font-size:10pt'>52-1532952</font></b><br>
            <font style='font-size:10pt'>(IRS Employer</font><br>
<font style='font-size:10pt'>Identification Number)</font><br></td>
        <td width="50">&nbsp;</td></tr></table>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10pt'>17801 Georgia Avenue</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Olney, Maryland 20832</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Address of principal executive offices)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10pt'>(301) 774-6400</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Registrant&#146;s telephone number, including area code)</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>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>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Item 1.01</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Entry into Material Definitive Agreements</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On December 13, 2006, Sandy Spring Bancorp, Inc., a Maryland corporation (&#147;</font><u><font style='font-size:10pt'>Bancorp</font></u><font style='font-size:10pt'>&#148;) and CN Bancorp, Inc., a Maryland corporation (&#147;CNB&#148;) entered into an Agreement and Plan of Merger (the &#147;</font><u><font style='font-size:10pt'>Merger Agreement</font></u><font style='font-size:10pt'>&#148;), whereby Bancorp agreed to acquire CNB by way of a merger of CNB with and into Bancorp, with Bancorp being the surviving corporation in the merger (the &#147;</font><u><font style='font-size:10pt'>Merger</font></u><font style='font-size:10pt'>&#148;). In connection with the Merger Agreement, certain CNB stockholders entered into a Voting Agreement with Bancorp, whereby they have agreed to vote their shares in favor of the Merger.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Merger Agreement also provides for the merger of County National Bank, a national banking association and a wholly owned subsidiary of CNB (&#147;</font><u><font style='font-size:10pt'>County National</font></u><font style='font-size:10pt'>&#148;), with and into Sandy Spring Bank, a Maryland bank and trust company and a wholly owned subsidiary of Bancorp (&#147;</font><U><font style='font-size:10PT'>SSB</font></U><font style='font-size:10pt'>&#148;). The merger of County National and SSB will be governed by a separate merger agreement (the &#147;</font><u><font style='font-size:10pt'>Bank Merger Agreement</font></u><font style='font-size:10pt'>&#148;). </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>In
    connection with the transaction, Jan W. Clark, CNB&#146;s President and Chief
    Executive Officer and John G. Warner, its Executive Vice President, entered
    into employment agreements with SSB which are contingent upon and effective
    as of the effective time of the Merger.</font><font style='font-size:10pt'></font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font style='font-size:10pt'>The Merger Agreement</font></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding share of CNB&#146;s common stock will be converted into the right to receive either (i) $25.00 in cash (the &#147;</font><u><font style='font-size:10pt'>Cash Election Price</font></u><font style='font-size:10pt'>&#148;), or (ii) 0.6657 of a share of Bancorp&#146;s common stock (the &#147;</font><u><font style='font-size:10pt'>Exchange Ratio</font></u><font style='font-size:10pt'>&#148; and, together with the Cash Election Price, the &#147;</font><u><font style='font-size:10pt'>Merger Consideration</font></u><font style='font-size:10pt'>&#148;). Each stockholder of CNB will be entitled to elect the number of its shares of CNB common stock to be exchanged for the Cash Election Price, subject to a proration which will provide that Bancorp will pay cash for a minimum of 40% and a maximum of 50%
of the outstanding shares of CNB common stock and issue shares of Bancorp common stock in exchange for a minimum of 50% and a maximum of 60% of the outstanding shares of CNB common stock. The Merger is intended to be a tax free reorganization as to the portion of the Merger Consideration received as Bancorp common stock. Outstanding CNB stock options granted under CNB&#146;s equity plans will be automatically converted into fully vested options to purchase Bancorp common stock, provided that Bancorp may offer to cash out options for a per share payment equal to the difference between the Cash Election Price and the per share exercise price of such option.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by CNB that (i) CNB will not (A) solicit proposals relating to alternative business combination transactions involving CNB or its assets or (B) subject to certain exceptions, enter into discussions regarding, or provide material non-public information in connection with, an alternative business combination transaction involving CNB or its assets, (ii) CNB will hold a stockholders meeting to consider the approval of the Merger and the adoption of the Merger Agreement, and (iii) CNB&#146;s board of directors will recommend that CNB&#146;s stockholders adopt and approve the Merger Agreement and the Merger.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Merger Agreement provides that the closing of the Merger is subject to customary conditions which include the adoption and approval of the Merger and the Merger Agreement by the stockholders of CNB and the receipt of all required regulatory approvals. The Merger Agreement also provides for termination rights of both Bancorp and CNB under certain circumstances, and further provides that, upon termination of the Merger Agreement under specified circumstances, CNB is required to pay Bancorp a termination fee of $1,764,000.</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The
    foregoing summary is intended to provide information about the terms of the
    Merger and is qualified in its entirety by reference to the full text of
    the Merger Agreement, a
    copy
    of
    which is
    attached
    to
    this
    Current
    Report
    on Form 8-K as Exhibit 2.1 and is incorporated herein by reference. The terms
    and information in the Merger Agreement should not be relied upon as disclosures
    about Bancorp or CNB. Bancorp&#146;s public disclosures are those set forth
    in its reports filed with the SEC. The Merger Agreement, although included
    as an exhibit to this Form 8-K, is not intended to change or supplement the
    disclosures in Bancorp&#146;s SEC filings.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font style='font-size:10pt'>The Bank Merger Agreement</font></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Pursuant
    to the Bank Merger Agreement, County National will merge with and into SSB,
    with SSB as the surviving bank and (a) each share of County National common
    stock issued and outstanding and (b)
    each
    share
    of
    County
    National
    common
    stock
    owned by County National as treasury stock will be cancelled and shall cease
    to exist and no stock of SSB or other consideration shall be delivered in
    exchange therefor. In the Bank Merger Agreement, County National and SSB
    agreed to observe and perform the agreements and covenants of their respective
    parent corporations in the Merger Agreement and to take all other actions
    necessary under applicable laws and regulations to consummate the transactions
    contemplated by the Bank Merger Agreement, subject to and in accordance with
    the applicable provisions of the Merger Agreement. The Bank Merger Agreement
    provides for its automatic termination in the event that CNB and Bancorp
    terminate the Merger Agreement. The foregoing  summary is qualified in its
    entirety by reference to the full text of the Bank Merger Agreement, a copy
    of which is attached to this Current Report on Form 8-K as Exhibit 2.2 and
    is incorporated herein by reference.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font style='font-size:10pt'>The Voting Agreement</font></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On December 13, 2006, certain stockholders of CNB, each of whom is a director and/or officer of CNB, entered into a Voting Agreement with Bancorp whereby each such stockholder agreed to vote his/her shares in favor of the adoption and approval of the Merger and the Merger Agreement. Such stockholders collectively own approximately 35% of the outstanding CNB common stock. The foregoing summary is qualified in its entirety by reference to the full text of the Voting Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font style='font-size:10pt'>The Employment Agreements</font></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>In
    connection with the transaction: (i) Jan W. Clark, the president and chief
    executive officer of CNB, entered into an employment agreement with SSB which
    is contingent upon and effective as of the effective time of the Merger,
    pursuant to which Mr.&nbsp;Clark would be employed as the president of a
    CNB division of SSB with an annual base salary of $200,870; and (ii) John
    G. Warner, the executive vice president of CNB, entered into an employment
    agreement with SSB which is contingent upon and effective as of the effective
    time of the Merger, pursuant to which Mr.&nbsp;Warner would be employed as
    the chief operating officer of a CNB division of SSB with an annual base
    salary of $171,500.</font></p>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Item 8.01.</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Other Events</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On December 14, 2006 Bancorp issued a press release announcing that: (a) Bancorp and CNB had entered into the Merger Agreement; and (b) SSB and County National had entered into the Bank Merger Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.</font></p>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Item 9.01</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Financial Statements and Exhibits</font></b></p> </td> </tr></table>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><u><font style='font-size:10pt'>Exhibits</font></u></p> </td> </tr></table>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp, Inc.</font></p> </td> </tr>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>2.2</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bank and County National Bank.</font></p> </td> </tr>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Voting Agreement dated December 13, 2006 by and among Sandy Spring Bancorp, Inc. and the stockholders of CN Bancorp, Inc. who are signatories thereto.</font></p> </td> </tr>

    <tr style='height:.05in;'>

        <td valign=top style=' height:.05in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style=' height:.05in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style=' height:.05in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top style=' height:.05in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>99.1</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Press Release issued by Sandy Spring Bancorp, Inc. dated December 14, 2006 announcing the execution of the: (a) Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp, Inc.; and (b) Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bank and County National Bank.</font></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><B><font style='font-size:10PT'>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;text-indent:5%'><font style='font-size:10pt'>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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<div align=center>


  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="49%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="7%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font style='font-size:10pt'>Sandy
          Spring Bancorp, Inc.</font></b></p>
      </td>
    </tr>
    <tr>
      <td width="49%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="7%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="3" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>(Registrant)</font></p>
      </td>
    </tr>
    <tr>
      <td width="49%" valign=bottom >&nbsp;</td>
      <td width="7%" valign=bottom >&nbsp;</td>
      <td width="4%" valign=bottom >&nbsp;</td>
      <td colspan="2" valign=bottom >&nbsp;</td>
    </tr>
    <tr>
      <td width="49%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>
        </p>
      </td>
      <td width="7%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>/s/ Hunter
            R. Hollar</font>
        </p>
      </td>
    </tr>
    <tr>
      <td width="49%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="7%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
    </tr>
    <tr>
      <td width="49%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="7%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="4%" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>Name:&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>
          Hunter R. Hollar</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >

      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>Title:</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>President
          and Chief Executive Officer</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p>
      </td>
    </tr>
  </table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: December 13, 2006</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><U><font style='font-size:10PT'>EXHIBIT INDEX</font></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<div align=left>


  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="10%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Exhibit
          No</font><font style='font-size:10pt'>.</font></p>
      </td>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Description</font></p>
      </td>
    </tr>
    <tr style='height:.05in;' valign="top">
      <td style=' height:.05in;'>
                <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td style=' height:.05in;' width="2%">&nbsp;</td>
      <td style=' height:.05in;'>

        <hr noshade width="100%" color="Gray" size="1">
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>2.1&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top >&nbsp;</td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Agreement
          and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp,
          Inc. and CN Bancorp, Inc.</font></p>
      </td>
    </tr>
    <tr style='height:.05in;'>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style=' height:.05in;'>&nbsp;</td>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>2.2&nbsp;&nbsp;</font></p>
      </td>
      <td valign=top >&nbsp;</td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Agreement
          and Plan of Merger dated December 13, 2006 between Sandy Spring Bank
          and County National Bank.</font></p>
      </td>
    </tr>
    <tr style='height:.05in;'>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style=' height:.05in;'>&nbsp;</td>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>10.1</font></p>
      </td>
      <td valign=top >&nbsp;</td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Voting
          Agreement dated December 13, 2006 by and among Sandy Spring Bancorp,
          Inc. and the stockholders of CN Bancorp, Inc. who are signatories thereto.</font></p>
      </td>
    </tr>
    <tr style='height:.05in;'>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top style=' height:.05in;'>&nbsp;</td>
      <td valign=top style=' height:.05in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>99.1</font></p>
      </td>
      <td valign=top >&nbsp;</td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Press
          Release issued by Sandy Spring Bancorp, Inc. dated December 14, 2006
          announcing the execution of the: (a) Agreement and Plan of Merger dated
          December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp,
          Inc.; and (b) Agreement and Plan of Merger dated December 13, 2006 between
          Sandy Spring Bank and County National Bank.</font></p>
      </td>
    </tr>
  </table>
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[{"type": "8-K", "sequence": "1", "filename": "b416165_8-k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 37234}]
{"company-data": {"conformed-name": "SANDY SPRING BANCORP INC", "cik": "0000824410", "assigned-sic": "6021", "irs-number": "520312970", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19065", "film-number": "061278039"}, "business-address": {"street1": "17801 GEORGIA AVE", "city": "OLNEY", "state": "MD", "zip": "20832", "phone": "3017746400"}, "mail-address": {"street1": "17801 GEORGIA AVENUE", "city": "OLNEY", "state": "MD", "zip": "20832"}}
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
December
  13, 2006
Date
  of Report (Date of earliest event reported)
SANDY SPRING BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Maryland
(State or other jurisdiction
of incorporation)
000-19065
(Commission File Number)
52-1532952
(IRS Employer
Identification Number)
17801 Georgia Avenue
Olney, Maryland 20832
(Address 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))
Item 1.01
Entry into Material Definitive Agreements
On December 13, 2006, Sandy Spring Bancorp, Inc., a Maryland corporation ("
Bancorp
") and CN Bancorp, Inc., a Maryland corporation ("CNB") entered into an Agreement and Plan of Merger (the "
Merger Agreement
"), whereby Bancorp agreed to acquire CNB by way of a merger of CNB with and into Bancorp, with Bancorp being the surviving corporation in the merger (the "
Merger
"). In connection with the Merger Agreement, certain CNB stockholders entered into a Voting Agreement with Bancorp, whereby they have agreed to vote their shares in favor of the Merger.
The Merger Agreement also provides for the merger of County National Bank, a national banking association and a wholly owned subsidiary of CNB ("
County National
"), with and into Sandy Spring Bank, a Maryland bank and trust company and a wholly owned subsidiary of Bancorp ("
SSB
"). The merger of County National and SSB will be governed by a separate merger agreement (the "
Bank Merger Agreement
").
In
    connection with the transaction, Jan W. Clark, CNB's President and Chief
    Executive Officer and John G. Warner, its Executive Vice President, entered
    into employment agreements with SSB which are contingent upon and effective
    as of the effective time of the Merger.
The Merger Agreement
Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding share of CNB's common stock will be converted into the right to receive either (i) $25.00 in cash (the "
Cash Election Price
"), or (ii) 0.6657 of a share of Bancorp's common stock (the "
Exchange Ratio
" and, together with the Cash Election Price, the "
Merger Consideration
"). Each stockholder of CNB will be entitled to elect the number of its shares of CNB common stock to be exchanged for the Cash Election Price, subject to a proration which will provide that Bancorp will pay cash for a minimum of 40% and a maximum of 50%
of the outstanding shares of CNB common stock and issue shares of Bancorp common stock in exchange for a minimum of 50% and a maximum of 60% of the outstanding shares of CNB common stock. The Merger is intended to be a tax free reorganization as to the portion of the Merger Consideration received as Bancorp common stock. Outstanding CNB stock options granted under CNB's equity plans will be automatically converted into fully vested options to purchase Bancorp common stock, provided that Bancorp may offer to cash out options for a per share payment equal to the difference between the Cash Election Price and the per share exercise price of such option.
The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by CNB that (i) CNB will not (A) solicit proposals relating to alternative business combination transactions involving CNB or its assets or (B) subject to certain exceptions, enter into discussions regarding, or provide material non-public information in connection with, an alternative business combination transaction involving CNB or its assets, (ii) CNB will hold a stockholders meeting to consider the approval of the Merger and the adoption of the Merger Agreement, and (iii) CNB's board of directors will recommend that CNB's stockholders adopt and approve the Merger Agreement and the Merger.
The Merger Agreement provides that the closing of the Merger is subject to customary conditions which include the adoption and approval of the Merger and the Merger Agreement by the stockholders of CNB and the receipt of all required regulatory approvals. The Merger Agreement also provides for termination rights of both Bancorp and CNB under certain circumstances, and further provides that, upon termination of the Merger Agreement under specified circumstances, CNB is required to pay Bancorp a termination fee of $1,764,000.
2
The
    foregoing summary is intended to provide information about the terms of the
    Merger and is qualified in its entirety by reference to the full text of
    the Merger Agreement, a
    copy
    of
    which is
    attached
    to
    this
    Current
    Report
    on Form 8-K as Exhibit 2.1 and is incorporated herein by reference. The terms
    and information in the Merger Agreement should not be relied upon as disclosures
    about Bancorp or CNB. Bancorp's public disclosures are those set forth
    in its reports filed with the SEC. The Merger Agreement, although included
    as an exhibit to this Form 8-K, is not intended to change or supplement the
    disclosures in Bancorp's SEC filings.
The Bank Merger Agreement
Pursuant
    to the Bank Merger Agreement, County National will merge with and into SSB,
    with SSB as the surviving bank and (a) each share of County National common
    stock issued and outstanding and (b)
    each
    share
    of
    County
    National
    common
    stock
    owned by County National as treasury stock will be cancelled and shall cease
    to exist and no stock of SSB or other consideration shall be delivered in
    exchange therefor. In the Bank Merger Agreement, County National and SSB
    agreed to observe and perform the agreements and covenants of their respective
    parent corporations in the Merger Agreement and to take all other actions
    necessary under applicable laws and regulations to consummate the transactions
    contemplated by the Bank Merger Agreement, subject to and in accordance with
    the applicable provisions of the Merger Agreement. The Bank Merger Agreement
    provides for its automatic termination in the event that CNB and Bancorp
    terminate the Merger Agreement. The foregoing  summary is qualified in its
    entirety by reference to the full text of the Bank Merger Agreement, a copy
    of which is attached to this Current Report on Form 8-K as Exhibit 2.2 and
    is incorporated herein by reference.
The Voting Agreement
On December 13, 2006, certain stockholders of CNB, each of whom is a director and/or officer of CNB, entered into a Voting Agreement with Bancorp whereby each such stockholder agreed to vote his/her shares in favor of the adoption and approval of the Merger and the Merger Agreement. Such stockholders collectively own approximately 35% of the outstanding CNB common stock. The foregoing summary is qualified in its entirety by reference to the full text of the Voting Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
The Employment Agreements
In
    connection with the transaction: (i) Jan W. Clark, the president and chief
    executive officer of CNB, entered into an employment agreement with SSB which
    is contingent upon and effective as of the effective time of the Merger,
    pursuant to which Mr. Clark would be employed as the president of a
    CNB division of SSB with an annual base salary of $200,870; and (ii) John
    G. Warner, the executive vice president of CNB, entered into an employment
    agreement with SSB which is contingent upon and effective as of the effective
    time of the Merger, pursuant to which Mr. Warner would be employed as
    the chief operating officer of a CNB division of SSB with an annual base
    salary of $171,500.
Item 8.01.
Other Events
On December 14, 2006 Bancorp issued a press release announcing that: (a) Bancorp and CNB had entered into the Merger Agreement; and (b) SSB and County National had entered into the Bank Merger Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.
3
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
2.1
Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp, Inc.
2.2
Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bank and County National Bank.
10.1
Voting Agreement dated December 13, 2006 by and among Sandy Spring Bancorp, Inc. and the stockholders of CN Bancorp, Inc. who are signatories thereto.
99.1
Press Release issued by Sandy Spring Bancorp, Inc. dated December 14, 2006 announcing the execution of the: (a) Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp, Inc.; and (b) Agreement and Plan of Merger dated December 13, 2006 between Sandy Spring Bank and County National Bank.
4
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.
(Registrant)
By:
/s/ Hunter
            R. Hollar
Name:
Hunter R. Hollar
Title:
President
          and Chief Executive Officer
Date: December 13, 2006
5
EXHIBIT INDEX
Exhibit
          No
.
Description
2.1
Agreement
          and Plan of Merger dated December 13, 2006 between Sandy Spring Bancorp,
          Inc. and CN Bancorp, Inc.
2.2
Agreement
          and Plan of Merger dated December 13, 2006 between Sandy Spring Bank
          and County National Bank.
10.1
Voting
          Agreement dated December 13, 2006 by and among Sandy Spring Bancorp,
          Inc. and the stockholders of CN Bancorp, Inc. who are signatories thereto.
99.1
Press
          Release issued by Sandy Spring Bancorp, Inc. dated December 14, 2006
          announcing the execution of the: (a) Agreement and Plan of Merger dated
          December 13, 2006 between Sandy Spring Bancorp, Inc. and CN Bancorp,
          Inc.; and (b) Agreement and Plan of Merger dated December 13, 2006 between
          Sandy Spring Bank and County National Bank.
6