SHORE BANCSHARES, INC. (NASDAQ:SHBI) Files An 8-K Other Events
Item 8.01. Other Events.
On December 17, 2018, Shore Bancshares, Inc. (the “Company”) and The Avon-Dixon Agency, LLC, the Company’s wholly-owned insurance producer firm (“Avon”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Avon-Dixon, an Alera Group Agency, LLC (“Alera”), a Delaware limited liability company and subsidiary of Alera Group, Inc, a Delaware corporation, to which Alera will purchase substantially all of the assets used in the operation of Avon’s insurance business (the “Acquisition”). Subject to certain adjustments set forth in the Purchase Agreement, the Company will receive net proceeds of approximately $26.9 million on the closing date of the Acquisition. Subject to customary closing conditions, the Acquisition is expected to be completed before the end of fiscal 2018.
On December 17, 2018, the Company issued a press release announcing the execution of the Purchase Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
On December 17, 2018, Shore United Bank, the Company’s wholly-owned bank subsidiary (the “Bank”), appointed Lloyd L. Beatty, Jr., President and Chief Executive Officer of the Company, to be the Bank’s Chief Executive Officer, with such appointment effective as of December 17, 2018.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The exhibits that are filed or furnished with this report are listed in the Exhibit Index that immediately follows the hereto, which list is incorporated herein by reference.
SHORE BANCSHARES INC Exhibit
EX-99.1 2 tv509326_ex99-1.htm EXHIBIT 99.1 Sale of Insurance Subsidiary (The Avon-Dixon Agency,…
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About SHORE BANCSHARES, INC. (NASDAQ:SHBI)
Shore Bancshares, Inc. is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. Its Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware. The Company is engaged in the banking business through CNB, a Maryland commercial bank with trust powers and The Talbot Bank of Easton, a Maryland commercial bank (the Banks). Its Insurance Products and Services segment provides a range of insurance products and services to businesses and consumers in the Company’s market areas. The Banks provide a range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Kent County, Queen Anne’s County, Caroline County, Talbot County and Dorchester County in Maryland and in Kent County, Delaware.
