Shore Bancshares, Inc., the financial holding company of Shore United Bank, N.A. (“Shore United”), and The Community Financial Corporation, the bank holding company of Community Bank of the Chesapeake announced the closing of their previously announced merger.
The combined banks will be based at Shore’s headquarters city of Easton, MD. Shore has been adding branches in Delaware and now operates in all three of the state’s counties.
Lloyd L. “Scott” Beatty, Jr., former president and CEO of Shore, commented, “Bringing together two of Maryland’s leading community banks is a historic achievement and holds enormous potential to benefit our customers and the communities we serve, as well as to drive shareholder value and our company’s long-term growth. I’m especially proud of our organizations’ management teams whose hard work, perseverance, and truly collaborative spirit made this combination of like-minded banks possible.”
“We have great respect for Scott, his management team and the significant organic and strategic growth built through his tenure,” said James M. Burke, CEO of the combined company. “I am proud to succeed Scott and to lead the combined management team. We have a tremendous opportunity to deliver enhanced shareholder returns by building upon our combined bank’s commitment to the success and prosperity of all our stakeholders. 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.”
In connection with the merger, Beatty stepped down as CEO with Burke becoming the chief executive of the merged banks.
The combined organization has approximately $6 billion in assets with approximately $4.5 billion in loans and $5.1 billion in deposits throughout its operations through locations in Maryland, Virginia, and Delaware. All branches of the combined company will operate under the Shore United banner once the integration is completed. SHBI’s and Shore United’s corporate headquarters remain in Easton, Maryland. The combined company will trade under SHBI’s ticker symbol (SHBI) on the Nasdaq Global Select Stock Market.
CBC will initially operate under both the CBC and Shore United brands, and customers will continue to conduct business through their respective CBC and Shore United branches, websites and mobile apps. The combined company expects to combine its systems and services in the third quarter of 2023.
