Brief: Shore Bancshares Inc, The Community Financial Corporation Announce Merger Of Equals

Shore Bancshares

14/12/2022 22:30

Dec 14 (Reuters) - Shore Bancshares Inc  SHBI.O :
    * SHORE BANCSHARES, INC. AND THE COMMUNITY FINANCIAL
CORPORATION
ANNOUNCE MERGER OF EQUALS; CREATES ONE OF MARYLAND'S TOP
COMMUNITY BANKS WITH APPROXIMATELY $6 BILLION IN ASSETS
    * SHORE BANCSHARES INC - TRANSACTION IS EXPECTED TO BE OVER
40%
ACCRETIVE TO SHORE'S EPS IN 2024
    * SHORE BANCSHARES-TCFC TO MERGE WITH, INTO SHORE IN
ALL-STOCK
TRANSACTION VALUED AT APPROXIMATELY $254.4 MILLION, OR $44.71
PER SHARE OF TCFC COMMON STOCK
    * SHORE BANCSHARES INC - COMBINED CO WILL TRADE UNDER SHORE
TICKER
SYMBOL "SHBI" ON NASDAQ GLOBAL SELECT MARKET
    * SHORE BANCSHARES INC - EXISTING SHORE SHAREHOLDERS WILL
OWN
APPROXIMATELY 60% OF OUTSTANDING SHARES OF COMBINED COMPANY
    * SHORE BANCSHARES INC - COMBINED CO WILL HAVE TOTAL ASSETS
OF
APPROXIMATELY $6.0 BILLION ON A PRO FORMA BASIS AS OF ASSUMED
CLOSING DATE OF JUNE 30, 2023
    * SHORE BANCSHARES INC - ADMINISTRATIVE HEADQUARTERS OF
COMBINED
COMPANY WILL BE LOCATED IN EASTON, MARYLAND
    * SHORE BANCSHARES INC - UNDER TERMS OF DEFINITIVE AGREEMENT
HOLDERS OF TCFC COMMON STOCK WILL HAVE RIGHT TO RECEIVE 2.3287
SHARES OF SHORE COMMON STOCK
    * SHORE BANCSHARES INC - TRANSACTION IS EXPECTED TO BE OVER
40%
ACCRETIVE TO SHORE'S EPS IN 2024
    * SHORE BANCSHARES INC - TCFC SHAREHOLDERS ARE EXPECTED TO
OWN
APPROXIMATELY 40% OF OUTSTANDING SHARES OF COMBINED COMPANY
    * SHORE BANCSHARES INC - COMBINED CO WILL OPERATE UNDER
"SHORE
BANCSHARES, INC." NAME, COMBINED BANK WILL OPERATE UNDER "SHORE
UNITED BANK, N.A." NAME
    * SHORE BANCSHARES INC - JAMES M. BURKE, TCFC'S CURRENT
PRESIDENT
AND CEO, WILL SERVE AS PRESIDENT AND CEO OF COMBINED COMPANY
    * SHORE BANCSHARES INC - TRANSACTION IS EXPECTED TO CLOSE
LATE IN
Q2 OR EARLY IN Q3 OF 2023
    * SHORE BANCSHARES INC - ODD L. CAPITANI, TCFC'S CURRENT
CHIEF
FINANCIAL OFFICER, WILL SERVE AS CHIEF FINANCIAL OFFICER OF
COMBINED COMPANY

Source text for Eikon:  ID:nPn81CZTTa 
Further company coverage:  SHBI.O 
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