Shore Bancshares to acquire Western Shore bank

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Shore Bancshares, Inc. and The Community Financial Corporation the holding company of Community Bank of the Chesapeake, entered into an agreement under which Community will merge into Shore in an all-stock transaction valued at  $254.4 million. Community’s CEO will head the combined banks.

Shore is based in Easton, MD and operates branches Maryland, the Delmarva area of Virginia and in central and southern Delaware. Community is based in Waldorf, MD. It operates on the Western Shore of Maryland, the outer suburbs of Washington, D.C, and in Fredericksburg, VA. Community Bank of the Chesapeake is not related to Community Bank, which based in Rehboth.

The combined company will have total assets of approximately $6 billion as of the assumed closing date of June 30, 2023.

Lloyd L. “Scott” Beatty, CEO of Shore, stated, “This combination creates a solid and very promising future for the combined organization. We are bringing together two well-known financial services brands that focus on providing remarkable client experiences, and helping individuals and businesses reach their financial goals.”

Beatty continued, “An important consideration for this combination was to find a successor for me.  Jimmy Burke (Community CEO  is not only a capable banker, but he has also been a banker in Maryland for a long time.  He has proven that he is worthy of taking over as President and CEO of the combined company at closing.  Clearly Jimmy shares the same philosophy and values as we do at Shore United Bank.”

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Burke stated, “I am honored by the trust and confidence that Scott Beatty and the Board of Directors has placed in me by appointing me to be the President and Chief Executive Officer of the combined company. Scott has successfully led Shore through significant organic and strategic growth through his tenure.  I am proud to succeed Scott to lead a talented management team.  We will execute a business strategy with a focus on delivering exceptional customer service and increasing shareholder value while continuing to honor our community values.”


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