DOCSLIB.ORG

Central Bank of Nigeria, Corporate Governance and the Quest For

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Central Bank of Nigeria, Corporate Governance and the Quest For CENTRAL BANK OF NIGERIA, CORPORATE GOVERNANCE AND THE QUEST FOR SUSTAINABLE BANKING SYSTEM IN NIGERIA: AN EXPLORATORY ANALYSIS NATHANIEL OJEFOH OKODUGHA . A thesis submitted in partial fulfilment of the requirements of the University of East London for the degree of Doctor of Philosophy February 2020 i An Abstract of the Thesis This study intends to achieve two objectives. First, the thesis seeks to thoroughly investigate the role of the Central Bank of Nigeria in ensuring that banks comply with the code of corporate governance (CG) and secondly to examine the level of compliance with the law of corporate governance by Nigeria banks pre 2009 and post 2009. Various activities such as insider abuse, poor governance practices, erosion of depositors’ funds and poor compliance culture which are considered inimical to the sustainable banks in Nigeria, necessitate a research study of this nature. This study will help unravel the challenges affecting compliance in the Nigeria banking sector, based on the perceptions gotten from the respondents. Three theories were considered suitable for this research, one the agency theory because of its dominant position in corporate governance. The second theory used for this work was the stakeholder theory. This theory was considered appropriate due to the governance issues affecting banks and number of stakeholders involved in banks compared to non-financial firms and finally institutional isomorphism theory, because of the institutional factors prevalent in a developing nation like Nigeria. Employing an interpretivism research philosophy, the research study adopts a qualitative research strategy. Data was collected using semi-structured, face-to-face/telephone interviews from three groups of stakeholders (regulators, bank employees and bank depositors). To aid data triangulation and improve the credibility and trustworthiness of the data collected, other sources of data, such as focus group and document review, were also collected. Data were analysed using thematic analysis. ii In highlighting the barriers to compliance of corporate governance codes in the banks under the purview of the Central Bank of Nigeria, this study revealed that factors such as regulatory forbearance and regulatory capture are still affecting the effectiveness of the CBN in ensuring the banks are fully compliant to the CG codes. Also, due to the institutional factors such as judiciary system, legal system and lack of political will, the CBN is constrained from using its powers, to effect a change of the culture of compliance in the Nigeria deposit banks. Finally, the recommendations of this study provide insight into how the Central Bank of Nigeria can ensure Nigerian banks are sustainable, through the best practice of corporate governance. iii Table of Content Contents List of Tables ............................................................................................................................... xii Abbreviations ............................................................................................................................. xiii Acknowledgements .................................................................................................................... xiv Dedication ................................................................................................................................... xvi Chapter One .................................................................................................................................. 1 1.0 Introduction ............................................................................................................................. 1 1.1 Background to Study .................................................................................................................. 1 1.2 Research Aims ............................................................................................................................. 4 1.3 Research Questions ..................................................................................................................... 5 1.4 Original Contribution ................................................................................................................. 6 1.5 Motivation for Study ................................................................................................................... 8 1.6 Structure of the Thesis .............................................................................................................. 12 Chapter Two ................................................................................................................................ 14 Literature Review ....................................................................................................................... 14 2.1 Introduction ........................................................................................................................... 14 2.2 Theoretical Frameworks of Corporate Governance ...................................................... 14 2.2.1 The Agency Theory ................................................................................................................ 14 2.2.2 Stakeholder Theory ............................................................................................................... 17 iv 2.2.3 Institutional Isomorphism ..................................................................................................... 22 2.2.4 Stewardship Theory ............................................................................................................... 26 2.2.5 Theories Underpinning Study ............................................................................................... 27 2.2.6 Conceptual Linkage of Selected Theories ............................................................................ 28 2.3 Definitions of Corporate Governance ................................................................................. 34 2.4 Empirical Research on Corporate Governance in Nigeria ............................................... 36 2.5 Models of Corporate Governance ....................................................................................... 40 2.5.1 Anglo-American System ........................................................................................................ 40 2.5.2 Continental Europe & Japan ................................................................................................ 40 2.6 Corporate Governance in Nigeria Banks ........................................................................... 41 2.7 Banking Sustainability and Corporate Governance .......................................................... 42 2.8 Corporate Governance and Supervision ............................................................................ 44 2.9 The Role of the Board of Directors in Corporate Governance ......................................... 46 2.10. Importance of Ethics in Banking ...................................................................................... 49 2.11 Overview of Banking in Nigeria ........................................................................................ 59 2.12 Regulatory Capture of Banks ............................................................................................ 70 2.13 Prudential Supervision and Regulation in Developing Nations ..................................... 73 2.14 Basel 111 .............................................................................................................................. 76 2.15. Diaspora Remittances ........................................................................................................ 92 2.16 Chapter Summary .......................................................................................................... 102 Chapter Three ........................................................................................................................... 104 v Research Methodology ............................................................................................................. 104 3.1 Introduction ......................................................................................................................... 104 3.2 Philosophical Theories Underpinning Research .............................................................. 104 3.2.1 Ontology ................................................................................................................................ 105 3.2.2 Epistemology ........................................................................................................................ 107 3.2.3 Philosophy Underpinning Research ................................................................................... 110 3.3 Research Design, Strategy and Sampling Methods ......................................................... 112 3.3.1 Why Qualitative Research Method for this Research ...................................................... 112 3.3.2 Research Strategy ................................................................................................................ 115 3.3.3 Sampling Methods ............................................................................................................... 117 3.3.4 Sources of Data Collection .................................................................................................. 118 3.3.5 Research Participants .........................................................................................................
Load more

Recommended publications
  • CBN UPDATE EDITORIAL CREW Editor's Note I
    Central Bank of Nigeria ISSN No: 2695-2394 Vol. 2 No. 4 April 2020 CBN Moves to Cushion the Impact of COVID-19 Crisis INSIDE THIS EDITION: Beware of COVID-19 Cyber-attacks, Fraud CBN Warns N100bn Pharmaceutical Fund to Support Healthcare Sector CBN Lifts Temporary Suspension of Cheque Clearing Operations Remain Open While COVID-19 Lockdown Lasts - CBN CBN Resumes Dollar Sales for SMEs, School Fees Contents CBN UPDATE EDITORIAL CREW Editor's Note i Editor-in-Chief CBN Moves to Cushion the Impact of COVID-19 Crisis Isaac Okorafor 1 CBN Spearheads CACOVID to Managing Editor Support PTF on COVID-19 Crisis 4 Samuel Okogbue N100bn Pharmaceutical Fund to Editor Support Healthcare Sector 5 Innocent Edozie CBN, CACOVID Provide Food Intervention 6 Assistant Editor I Kerma Mshelia COVID-19: CBN Introduces Guidelines for N50bn Targeted Credit Facility 7 Assistant Editor II MPC Urges NASS to Pass Mohammed Haruna Revised National Budget 8 Staff Writers Operations Remain Open While B artholomew Mbaegbu Covid-19 Lockdown Lasts - CBN 9 Daba Olowodun Ruqayyah Mohammed CBN Resumes Dollar Sales Olusola Amadi for SMEs, School Fees 9 Louisa Okaria Beware of COVID-19 Fraud CBN Warns 10 Contributing Editors Isa Abdulmumin COVID-19: CBN Approves Loan Application Williams Kareem Guarantees by Organised Private Sector 11 Olalekan Ajayi COVID-19: Private Sector Ademola Bakare Relief Fund Hits N27.1bn 12 Emeele Inspects Isolation Centre in Lagos 13 LETTERS TO THE EDITOR No Fee Required to Access We welcome your contribution COVID-19 Loan Okorafor 14 and comments.
    [Show full text]
  • Living Through Nigeria's Six-Year
    “When We Can’t See the Enemy, Civilians Become the Enemy” Living Through Nigeria’s Six-Year Insurgency About the Report This report explores the experiences of civilians and armed actors living through the conflict in northeastern Nigeria. The ultimate goal is to better understand the gaps in protection from all sides, how civilians perceive security actors, and what communities expect from those who are supposed to protect them from harm. With this understanding, we analyze the structural impediments to protecting civilians, and propose practical—and locally informed—solutions to improve civilian protection and response to the harm caused by all armed actors in this conflict. About Center for Civilians in Conflict Center for Civilians in Conflict (CIVIC) works to improve protection for civil- ians caught in conflicts around the world. We call on and advise international organizations, governments, militaries, and armed non-state actors to adopt and implement policies to prevent civilian harm. When civilians are harmed we advocate the provision of amends and post-harm assistance. We bring the voices of civilians themselves to those making decisions affecting their lives. The organization was founded as Campaign for Innocent Victims in Conflict in 2003 by Marla Ruzicka, a courageous humanitarian killed by a suicide bomber in 2005 while advocating for Iraqi families. T +1 202 558 6958 E [email protected] www.civiliansinconflict.org © 2015 Center for Civilians in Conflict “When We Can’t See the Enemy, Civilians Become the Enemy” Living Through Nigeria’s Six-Year Insurgency This report was authored by Kyle Dietrich, Senior Program Manager for Africa and Peacekeeping at CIVIC.
    [Show full text]
  • Taxes, Institutions, and Governance: Evidence from Colonial Nigeria
    Taxes, Institutions and Local Governance: Evidence from a Natural Experiment in Colonial Nigeria Daniel Berger September 7, 2009 Abstract Can local colonial institutions continue to affect people's lives nearly 50 years after decolo- nization? Can meaningful differences in local institutions persist within a single set of national incentives? The literature on colonial legacies has largely focused on cross country comparisons between former French and British colonies, large-n cross sectional analysis using instrumental variables, or on case studies. I focus on the within-country governance effects of local insti- tutions to avoid the problems of endogeneity, missing variables, and unobserved heterogeneity common in the institutions literature. I show that different colonial tax institutions within Nigeria implemented by the British for reasons exogenous to local conditions led to different present day quality of governance. People living in areas where the colonial tax system required more bureaucratic capacity are much happier with their government, and receive more compe- tent government services, than people living in nearby areas where colonialism did not build bureaucratic capacity. Author's Note: I would like to thank David Laitin, Adam Przeworski, Shanker Satyanath and David Stasavage for their invaluable advice, as well as all the participants in the NYU predissertation seminar. All errors, of course, remain my own. Do local institutions matter? Can diverse local institutions persist within a single country or will they be driven to convergence? Do decisions about local government structure made by colonial governments a century ago matter today? This paper addresses these issues by looking at local institutions and local public goods provision in Nigeria.
    [Show full text]
  • AGM Inner-Web
    A n n u a l 2010 Report & Accounts 1 . a w e l c o m e r e l i e f CONTENTS PAGE Directors and Professional Advisers 2 Results at a Glance 3 Notice of Annual General Meeting 4 - 5 Chairman’s Statement 6 - 9 Board of Directors 10 - 11 Report of the Directors 12 - 17 Report of the Audit Committee 18 AUDITED FINANCIAL STATEMENTS Report of the Independent Auditors 19 Statement of Significant Accounting Policies 20 - 28 Executive Management 29 Balance Sheet 30 Profit and Loss Account 31 Detailed Revenue Account 32 Statement of Cashflow 33 Notes to the Financial Statements 34 - 44 Statement of Value Added 45 Five-Year Financial Summary 46 Non Life Revenue and Profit and Loss Account 47 General Accident – Revenue Account 48 Fire – Revenue Account 49 Marine – Revenue Account 50 Motor – Revenue Account 51 Unclaimed Dividend 52 - 60 E-Dividend Mandate Form 61 Proxy Form 63 OASIS INSURANCE Annual Annual Report & 2010 2010 Report & Accounts Accounts . a w e l c o m e r e l i e f 2 3 . a w e l c o m e r e l i e f DIRECTORS AND PROFESSIONAL ADVISERS RESULTS AT A GLANCE DIRECTORS: Chief S. I. Adegbite, OFR Chairman 2010 2009 B.O. Oshadiya Managing Director N'000 N'000 Chief J. A. Odeyemi, MFR Mrs. Seinye O.B. Lulu-Briggs Major Balance Sheet Items O. Okeowo Investments 1,537,300 1,666,403 A. G. Adegbite O. O. Fowora Fixed assets 1,118,893 583,998 R. O.
    [Show full text]
  • Economic and Financial Review Volume 54 Number 4 December 2016
    ISSN 1957-2968 CENTRAL BANK OF NIGERIA Institutions, Natural Resources and Economic Growth: An Application of Co-integration with Structural Break on Nigerian Dataset Garba T., U. Bello, H. Abdullahi and M. Abubakar Quantifying the Macroeconomic Impact of Trade Liberalisation in Nigeria Shuaibu M. Investigating the Relationship between Broad Money Velocity, Inflation and Nominal Output Growth in Nigeria Adenekan A. Does Cash Reserve Requirement (CRR) influence Bank Lending in Nigeria? Rapu, S., G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor and E. Ibi INSERT Economic and Financial Review CBN Volume 54, Number 4 LOGO December 2016 Central Bank of Nigeria Economic and Financial Review Editorial Committee Volume 54, Number 4, December 2016 Editor Aims and Scope Uwatt B. Uwatt, Ph.D. The Economic and Financial Review is published four times a year in March, June, September and December by the Research Department of the Central Bank of Managing Editor Nigeria. The Review contains articles on research undertaken at the Bank, in Lawrence I. Odey particular, and Nigeria, in general, mainly on policy issues both at the macroeconomic and sectoral levels in the hope that the research would improve and enhance policy choices. Its main thrust is to promote studies and disseminate Associate Editors research findings, which could facilitate achievement of these objectives. Adebayo M. Adebiyi, Ph.D. Comments on or objective critiques of published articles are also featured in the Olorunsola E. Olowofeso, Ph.D. review. Ukpai Kama Adeniyi O. Adenuga Oji O. Kalu, Ph.D. Correspondence Emmanuel T. Adamgbe, Ph.D. Correspondence regarding the Economic and Financial Review and published articles should be addressed to: Director of Research/Editor-in-Chief CBN Economic and Financial Review Central Bank of Nigeria 33 Tafawa Balewa Way Central Business District P.
    [Show full text]
  • Personal Deposit Account and Electronic Banking Agreement
    Personal Deposit Account and Electronic Banking Agreement This booklet contains important information about your account. Please review it and keep it with your important papers. SSB 1670 (06/2020) Personal Deposit Account 301.774.6400 • 800.399.5919 Agreement www.sandyspringbank.com Member FDIC SSB Personal Deposit Agreement.indd 1 6/4/20 2:01 PM SSB Personal Deposit Agreement.indd 2 5/20/20 10:36 AM TABLE OF CONTENTS Personal Deposit Account Agreement ................................................................................................... 2 General Legal Agreement...................................................................................................................... 2 Arbitration ................................................................................................................................... 3 General Rules ............................................................................................................................. 4 Security Procedures ................................................................................................................... 9 Safeguarding Your Account - Fraud Detection/Deterrence ....................................................... 10 Types and Ownership of Accounts ........................................................................................... 10 Special Provisions for Virginia Accounts ........................................................................ 12 Rules Applicable to Certain Types of Accounts .......................................................................
    [Show full text]
  • Participant List
    Participant List 10/20/2019 8:45:44 AM Category First Name Last Name Position Organization Nationality CSO Jillian Abballe UN Advocacy Officer and Anglican Communion United States Head of Office Ramil Abbasov Chariman of the Managing Spektr Socio-Economic Azerbaijan Board Researches and Development Public Union Babak Abbaszadeh President and Chief Toronto Centre for Global Canada Executive Officer Leadership in Financial Supervision Amr Abdallah Director, Gulf Programs Educaiton for Employment - United States EFE HAGAR ABDELRAHM African affairs & SDGs Unit Maat for Peace, Development Egypt AN Manager and Human Rights Abukar Abdi CEO Juba Foundation Kenya Nabil Abdo MENA Senior Policy Oxfam International Lebanon Advisor Mala Abdulaziz Executive director Swift Relief Foundation Nigeria Maryati Abdullah Director/National Publish What You Pay Indonesia Coordinator Indonesia Yussuf Abdullahi Regional Team Lead Pact Kenya Abdulahi Abdulraheem Executive Director Initiative for Sound Education Nigeria Relationship & Health Muttaqa Abdulra'uf Research Fellow International Trade Union Nigeria Confederation (ITUC) Kehinde Abdulsalam Interfaith Minister Strength in Diversity Nigeria Development Centre, Nigeria Kassim Abdulsalam Zonal Coordinator/Field Strength in Diversity Nigeria Executive Development Centre, Nigeria and Farmers Advocacy and Support Initiative in Nig Shahlo Abdunabizoda Director Jahon Tajikistan Shontaye Abegaz Executive Director International Insitute for Human United States Security Subhashini Abeysinghe Research Director Verite
    [Show full text]
  • Paper Presentation by 400 Level Students, Architectural Department Federal University of Technology Yola Course Question No 2 Ch
    PAPER PRESENTATION BY 400 LEVEL STUDENTS, ARCHITECTURAL DEPARTMENT FEDERAL UNIVERSITY OF TECHNOLOGY YOLA COURSE AR 403 QUESTION NO 2 CHOOSING FILM: INTERSTATE ARCHITECTS GROUP NO 16 GROUP NAMES AND REG NO DOMINIC OWOICHO AKOR (02/0201) BARIGO EZEKIEL ANDEKIN (02/0199) LAZARUS SUNDAY MIDALA (02/0192) MARCH 2007 1 INTRODUCTION This paper presentation comprises the above mentioned named which have a task To analysis and evaluate (Find out) the architectural works of the above chosen firm as the question implies. However, below is their historical background and works. Established in 1971, the Industrial Training Fund (I.T.F.) has operated consistently and painstakingly within the context of its enabling laws, i.e. Decree 47 of 1971. In the three decades of existence, the ITF has not only raised training consciousness in the economy, but has also helped in generating a corps of skilled indigenous manpower which has been manning and managing various sectors of the national economy. INTERSTATE ARCHITECT LTD HISTORICAL BACKGROUND The Interstate Architect Ltd has its origin in an Architectural practice established by the William Harvey Watkins in Bristol, England in 1900. The firm was involved in the design of domestic, commercial and health building in the south-west of England. A London office was established in 1936 to deal with the over expending volume of work particularly in the field of housing in London. In 1938 the firm of W.H Watkins won an open competition for the design of the proposed new St. Georges hospital to be rebuilt at the Hyde Park corner, London. The design of which was prepared by Alexander 2 Stuart Gray.
    [Show full text]
  • Download PDF -. | Official Gazette
    FederalRepublic of Nigeria . | Official Gazette No.|37 Lagos - lith July, 1974 Vol. 61 Ln CONTENTS “Page- | . “Page - Movements ofOfficers 1094-1102 Federal GovernmentScholarship and Bursary ( Awards for 1974 75—Succetl Candi ‘Ministry: of Defence—Nigerian Navy— ‘+ dates .. tet ‘107.37 Promotions . 1103 Insurance Company which has been registered . “Tenders . 1138-40 as an Insurer under'the Insurance .Com- _ panies Act 1961 and is therefore permitted Vacancies - 1140-48 to transact Insurance Business in Nigeria .. 1103 oo Customs andExcise Nigeria—Sale ofGoods 1148 Application for Gas Pipeline Licence . 1103-4 , Public Notice No. 96—Nigerian Yeast Com- Land required for the Service of the Federal ‘ pany Limited—Date of Meeting of Credi- Military Government . 1104-5 tors... 1148 RateofRoyaltyonTin = =, .” cose 1105 ; LoneofLocalPurchase Orders ss 1105 . ., , aPayable Orders 1105 - Inpex To Lecan.Nortices In SUPPLEMENT LossofIndent . - oe . , 1105-6 L.N. No. - Short Title . Page Central’ Bank of Nigeria-~Board Resolutions - - — Decree No. 28—Income ‘Tax (Miscel- -. atitsMeeting of "Fhureday, 27th June, 1974 1106 Janeous Provisions) Decree 1974. .. A135 - West-"Africa Examination — Board—Royal —_ DecreeNo. 29—Robbery and Firearms Societyof Health—Health Sisters’‘Diploma (Special Provisions) (Amendment) "Examination Result 1974... : (No. 2) Décree1974 A139 sangeet 1094 ‘ OFFICIAL GAZETTE No. 37, Vol. 61 Government Notice No. 988 _ NEW APPOINTMENTS ANDOTHER STAFF CHANGES The ‘owing are notified for general information :— NEW APPOINTMENTS 7 Department; Name Appointment Date of _ . Appointment Ministry of Agriculture Emode, Miss M. .. Typist, Grade III 2-1-74 and Natural Ri , | , _ Ministry of Communi- Bello, P. A. + Postal Officer .. 0 | 17-7-73 cations Conweh, C.
    [Show full text]
  • FAITH and DEVELOPMENT in FOCUS NIGERIA Supported by the International Partnership on Religion and Sustainable Development May 2018
    FAITH AND DEVELOPMENT IN FOCUS NIGERIA Supported by the International Partnership on Religion and Sustainable Development May 2018 WORLD FAITHS DEVELOPMENT DIALOGUE BERKLEY CENTER FOR RELIGION, PEACE & WORLD AFFAIRS FOREWORD ABOUT THE WORLD FAITHS DEVELOPMENT DIALOGUE “Faith and Development in Focus: Nigeria” was positive and informed engagement has the potential commissioned by GIZ to explore how Nigeria’s to contribute to virtually any development endeavor. The World Faiths Development Dialogue (WFDD) is a not-for-profit organization working at the intersection of religion and complex and dynamic religious institutions perceive The fragmented nature of engagement, both among global development. Housed within the Berkley Center in Washington, D.C., WFDD documents the work of faith-inspired the country’s development challenges and are involved religious actors and with the Nigerian government organizations and explores the importance of religious ideas and actors in development contexts. WFDD supports dialogue among across the spectrum of development strategies and its international partners, can undermine their religious and development communities and promotes innovative partnerships, at national and international levels, with the goal of and programs, and vice versa for non-religious potentially positive contributions. Examples of the contributing to positive and inclusive development outcomes. development actors. The report builds on the work of possible consequences of gaps in understanding WFDD and Georgetown University’s Berkley Center include failures to learn from experience, often for Religion, Peace, and World Affairs to analyze through lack of knowledge about what others ABOUT THE INTERNATIONAL PARTNERSHIP ON RELIGION AND SUSTAINABLE and document religious engagement in development are doing; missed opportunities due to limited DEVELOPMENT (PARD) in specific countries.
    [Show full text]
  • Analysis and Significance of Weather and Climatic Trend on Outdoor
    ntal & A me na n ly o t ir ic Oluwasegun et al., J Environ Anal Toxicol 2016, 6:5 v a n l T E o Journal of f x DOI: 10.4172/2161-0525.1000400 o i l c o a n l o r g u y o J Environmental & Analytical Toxicology ISSN: 2161-0525 ResearchReview Article Article OpenOpen Access Access Analysis and Significance of Weather and Climatic Trend on Outdoor Sculptures in Southwest, Nigeria Aremu Oluwasegun1*, Ijisakin Yemi2, Bello Emanuel1 and PSO Aremu2 1Nigerian Meteorological Agency, Gwaska, Nigeria 2Fine and Applied Arts, Obafemi Awolwo University, IleIfe, Nigeria Abstract Celebration and commemoration are what we deem fit to showcase historical values of heroes and important people in the society. These are done through various means such as – street naming, excellent awards, chieftaincy titles, and icons on generally acceptable objects of use like currency, dedicating images and creating artworks. Outdoor sculpture, as an appendage of public art, fits into this scenario. It can be defined as a three-dimensional (3-D) or relief work of art or design created by sculptors, and specifically cited in a restricted or unrestricted open space, it can be small or big, life or above life size, or colossal in size. To critically access the role and effect of weather on outdoor Sculptures in Southwestern Nigeria, we have to define weather or simply imply that this project is the definition of weather on outdoor sculptural pieces which could be simply defined as " The state of atmosphere on a particular space and time as regards various climatic variables such as Rainfall, Temperature and Humidity etc.
    [Show full text]
  • Form 10-K Sandy Spring Bancorp, Inc
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-19065 SANDY SPRING BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 52-1532952 (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification No.) 17801 Georgia Avenue, Olney, Maryland 20832 (Address of principal executive offices) (Zip Code) 301-774-6400 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $1.00 per share SASR The NASDAQ Stock Market, LLC Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No* Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]