Shore Bancshares shareholders approve Community Financial merger

Shore Bancshares (SHBI) and Community Financial (TCFC) announced today that, at special meetings of their respective shareholders, SHBI’s shareholders approved the merger of TCFC with and into SHBI, with SHBI as the surviving corporation and the issuance of shares of SHBI’s common stock to the shareholders of TCFC pursuant to an agreement and plan of merger, dated as of December 14, 2022 by and between SHBI and TCFC, and TCFC’s shareholders approved the merger agreement, the merger, and the compensation payable to the named executive officers of TCFC in connection with the merger. SHBI and TCFC previously announced the receipt of all required bank regulatory approvals for the consummation of the merger and the merger of CBC, TCFC’s wholly-owned bank subsidiary, with and into Shore United Bank, SHBI’s wholly-owned bank subsidiary, with Shore United Bank as the surviving institution. Subject to customary closing conditions, the transaction is expected to be consummated effective as of July 1.