Press release
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
Highlights of the Announced Transaction: Creates a bank holding company with approximately $6 billion in assets and a market capitalization of approximately
About this update from Shore Bancshares, Inc.
[{"type":"text","content":"Highlights of the Announced Transaction:\nCreates a bank holding company with approximately $6 billion in assets and a market capitalization of approximately $650 millionThe combined company will have more than 40 branches, with leading and commanding market share positions in attractive Maryland markets and a growing presence in Virginia and Delaware Significant EPS accretion for ShoreAttractive, low-cost core funding base Like-minded institutions with strong cultural alignment and a deep commitment to shareholders, customers, employees, and the communities served by Shore and TCFC Meaningful value creation to shareholders and strong pro forma profitability Increased trading liquidity for both companies and increased dividends for TCFC shareholdersEASTON, Md. and WALDORF, Md. , Dec. 14, 2022 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) (\"Shore\"), the holding company of Shore United Bank, N.A. and The Community Financial Corporation (NASDAQ: TCFC) (\"TCFC\"), the holding company of Community Bank of the Chesapeake, today announced they have entered into a definitive agreement under which TCFC will merge with and into Shore in an all-stock transaction valued at approximately $254.4 million, or $44.71 per share of TCFC common stock, based on a closing price for Shore's common stock of $19.20 as of December 13, 2022. The transaction is expected to be over 40% accretive to Shore's EPS in 2024. The combined company will have total assets of approximately $6.0 billion on a pro forma basis as of the assumed closing date of June 30, 2023.\nLloyd L. \"Scott\" Beatty, President and Chief Executive Officer of Shore, commented, \"This combination creates a solid and very promising future for the combined organization. We are bringing together two well-known financial services brands that focus on providing remarkable client experiences, helping individuals and businesses reach their financial goals. The combined bank will remain committed to our employees and the relationships that they have developed over decades of serving our communities. The shareholders of Shore and TCFC should benefit from the pro forma profitability metrics that should continue to drive shareholder value. An important consideration for this combination was to find a successor for me. Jimmy Burke is not only a capable banker, but he has also been a banker i...