Shore Bancshares (SHBI) , the holding company of Shore United Bank and The Community Financial Corporation (TCFC) the holding company of Community Bank of the Chesapeake 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 $254.4M, 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. The transaction is expected to be over 40% accretive to Shore’s EPS in 2024. The combined company will have total assets of approximately $6B on a pro forma basis as of the assumed closing date of June 30.
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- 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
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