EASTON — Shore United Bank is combining with Annapolis-based Severn Savings Bank.
The merger will create the third largest Maryland-based bank with 29 branches and a combined $2.9 billion in assets.
The deal involves Easton-based Shore Bancshares Inc. (Nasdaq: SHBI) uniting with Severn Bancorp Inc. (Nasdaq: SVBI). The stock and cash components of the deal total $146 million, the companies announced
“The addition of Severn to our organization is very exciting. We will now have a presence in Anne Arundel County which is a wonderful market and fills in a gap in our footprint. The merger also brings new products and talent to our organization,” said Lloyd L. “Scott” Beatty, president and CEO of Shore.
The deal is expected to close in the third quarter of 2021 pending regulatory and other approvals.
“It is an opportunity for Severn to join forces with a larger organization and remain committed to community banking,” said Alan Hyatt, president and CEO of Severn.