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Shore Bancshares and Severn Bancorp Receive Shareholder Approval for Merger

October 25, 2021, 07:00 AM
Filed Under: Banking News

Shore Bancshares, the holding company of Shore United Bank, and Severn Bancorp, the holding company of Severn Savings Bank announced that, at special meetings of their respective shareholders held on October 22, 2021, Shore's shareholders approved the merger of Severn with and into Shore, with Shore as the surviving corporation (the "Merger"), and the issuance of shares of Shore's common stock to the shareholders of Severn pursuant to that certain Agreement and Plan of Merger, dated as of March 3, 2021 (the "Merger Agreement"), by and between the Company and Severn, and Severn's shareholders approved the Merger Agreement, the Merger, and the compensation payable to the named executive officers of Severn in connection with the Merger.

The Company previously announced the receipt of all required bank regulatory approvals for the consummation of the Merger and the merger of Severn Savings Bank, FSB, Severn's wholly-owned bank subsidiary, with and into Shore United Bank, with Shore United Bank as the surviving institution. Subject to customary closing conditions, the transaction is expected to be consummated effective as of October 31, 2021.

Lloyd L. Beatty, Jr., President and Chief Executive Officer of Shore, commented, "We are pleased to have received the approval of our shareholders for our acquisition of Severn and the issuance of shares of our common stock to Severn's shareholders in connection with our acquisition, and the approval of the proposed transaction by Severn's shareholders. We believe that these voting results are an affirmation of our belief that the combination of Shore and Severn will create one of the most attractive commercial banks in and beyond Maryland with significant opportunities to enhance the banking experience for the combined institution's customers and drive increased value for our shareholders."

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