Sandy Spring Bancorp Inc. plans on saving close to $5.1 million in costs through job cuts, ''attrition, changes in corporate benefit plans, reduced real estate costs, more controlled discretionary spending, and other measures,'' said the company on Bizjournals.com. According to Sandy Spring's president and CEO Hunter Hollar, those affected will mostly be administrative workers and those ''not directly involved in revenue production.''

While the specific number of job cuts has not been revealed, it could be as high as several dozen. The company will also institute a hiring freeze for most of 2008. The reason? As Hollar put it, "[to] produce significant expense savings in the coming year."

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