Brief: Shore Bancshares, Severn Bancorp Report Execution of Merger Agreement Creates 3rd Largest Bank Headquartered in Maryland

Shore Bancshares

03/03/2021 23:11

March 3 (Reuters) - Shore Bancshares Inc  SHBI.O :
    * SHORE BANCSHARES, INC. AND SEVERN BANCORP, INC. ANNOUNCE
EXECUTION OF MERGER AGREEMENT CREATES 3RD LARGEST BANK
HEADQUARTERED IN MARYLAND
    * SEVERN BANCORP INC - DEAL FOR APPROXIMATELY $146 MILLION
    * SEVERN BANCORP INC - SHORE EXPECTS TRANSACTION TO BE OVER
30%
ACCRETIVE TO EPS IN 2022, BASED ON ANTICIPATED COST SAVINGS OF
APPROXIMATELY 35%
    * SEVERN BANCORP INC - EXISTING SHORE SHAREHOLDERS WILL OWN
APPROXIMATELY 59.6% OF OUTSTANDING SHARES OF COMBINED COMPANY
    * SEVERN BANCORP INC - SHORE WILL APPOINT FOUR SEVERN
DIRECTORS TO
SHORE BOARD

Source text for Eikon:  ID:nPn2S75LTa 
Further company coverage:  SHBI.O 

 ((Reuters.Briefs@thomsonreuters.com;))