Shore United Bank to merge with Severn Bank

Shore Bancshares, Inc. (NASDAQ: SHBI) (the “Company” or “Shore”), the holding company of Shore United Bank, and Severn Bancorp, Inc. (NASDAQ: SVBI) (“Severn”), the holding company of Severn Savings Bank, FSB, announced today that the merger of Severn Bank into Shore United Bank was consummated.  Prior to the consummation of the merger, Shore United Bank completed its conversion to a national banking association, Shore United Bank, N.A.

Pursuant to the merger, the seven Severn Bank branches in Anne Arundel County will continue to largely operate under the Severn Bank name until February 22, 2022.

“Over the next few months, we will be working together to ensure a smooth transition for the Severn Bank customers who will benefit by having access to 22 additional locations in Maryland, Delaware and Virginia, while also receiving community banking services on a larger scale,” says Donna Stevens, Chief Operating Officer of Shore Bancshares, Inc.

Lloyd L. “Scott” Beatty, President and Chief Executive Officer of Shore Bancshares, Inc., commented, “The addition of Severn to our organization is very exciting. We will now have a Anne Arundel County as part of our community, expanding our footprint west of the Chesapeake Bay.”

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