Shore Bancshares, the holding company of Shore United Bank, National Association, has completed its previously announced acquisition of Severn Bancorp for $169.8m.
As agreed, each Severn common stock was exchanged for 0.6207 shares of Shore Bancshares common stock and $1.59 in cash.
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Notably, Shore agreed to acquire Severn Bancorp in March this year to boost its presence in Maryland.
Severn Bancorp is the holding company of Severn Savings Bank, a federally chartered savings bank in Maryland.
Shore Bancshares president and CEO Lloyd L. Beatty, Jr., said: “We are pleased to welcome the customers, employees and shareholders of Severn. This transaction enables us to enter the attractive market of Anne Arundel County and makes Shore United the 3rd largest bank headquartered in Maryland.
“We believe our strategic combination creates one of the strongest commercial banks in Maryland, with significant opportunities to provide a wider array of products and services to provide a superior banking experience for our commercial and retail customers.”
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By GlobalDataSevern chairman, president and CEO Alan J. Hyatt said: “We believe the combination of Shore and Severn will produce many long-term benefits for customers, employees and shareholders.
“I look forward to serving on the Boards of Directors of Shore Bancshares and Shore United Bank and helping to guide the continued growth of the franchise.”
The combined lender will have total assets of around $3.2bn.
