Founded in 1996, Shore Bancshares, Inc. (NASDAQ: SHBI) (“Shore” or “the company”) is the holding company for the main subsidiary, Shore United Bank, N.A. (“the bank”), which operates 40 branches primarily throughout Maryland (headquartered in Easton). Following the merger-of-equals (MOE) with The Community Financial Corporation, Inc. (“TCFC”) in 3Q23, SHBI reflects meaningful scale, and a notable presence in the Eastern Shore of MD and Southern MD, as well as contiguous DE counties and Central VA.
Shore’s historical growth strategy was organically focused, though in recent years, management has been opportunistic with M&A, including two transformative deals since 2021, with the addition of $950 million-asset Severn Bancorp, Inc. in 4Q21, which bolstered its presence in Central MD and provided an entrance into Annapolis, MD. Moreover, as noted, the MOE with TCFC added $2.4 billion in assets and expanded the footprint into Southern MD and…
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