Shore Bancshares, Inc. plans to merge its two subsidiary banks, The Talbot Bank headquartered in Easton, MD and CNB, headquartered in Centreville, MD into one bank that will be known as Shore United Bank.
CNB has branches in Camden, Dover, Felton and Milford, DE.
“Merging our two banks provides efficiencies that will allow us to focus on strengthening client relationships while minimizing the ever increasing burden of regulation that banks face today,” said Shore Bancshares, Inc. President & CEO, Lloyd L. “Scott” Beatty.
The merger of the Talbot Bank with and into CNB and the corresponding name change to Shore United Bank is subject to regulatory approval.
Applications for approval of the proposed merger have been or will be filed with the State of Maryland and the Board of Governors of the Federal Reserve System. Shore Bancshares is not currently aware of any reasons that would derail the measure.
Subject to the satisfaction of all regulatory and corporate requirements and approvals, Shore Bancshares anticipates consummating the merger in the third quarter of 2016.
As a bank with $1.1 billion in assets, Shore United Bank will continue to operate all 18 existing branches, a loan production office, and wealth management office on t the Eastern Shore of Maryland, and Delaware.
“Customers will now have the convenience of conducting all banking activity, not just account transactions, at any of our branch locations. The Shore United brand will make it easier for customers to recognize their bank,” said Shore Bancshares, Inc., vice president and chief marketing & project officer, Debra Rich. The Talbot Bank and CNB have been affiliated as members of Shore Bancshares, Inc. community of companies since 2000.
Our banks have a rich history that will continue with the same great people, products and service under a new name, Shore United Bank,” Beatty said.
