Luse Gorman, PC advised Severn Bancorp, Inc. on the deal.
Severn Bancorp, Inc., Annapolis, Maryland, announced the signing of a definitive merger agreement with Shore Bancshares, Inc., Easton, Maryland, pursuant to which Severn Bancorp, Inc. will merge with and into Shore Bancshares, Inc. The stock and cash transaction is valued at approximately $146 million. The transaction will create the third largest bank headquartered in Maryland, with total assets of approximately $2.9 billion.
Severn Bancorp, Inc. is the holding company for Severn Savings Bank, FSB, which operates seven branches in Anne Arundel County, Maryland.
Shore Bancshares, Inc. is the holding company for Shore United Bank, which operates 22 full-service branches in Maryland, Delaware and Virginia.
Luse Gorman is legal counsel to Severn Bancorp, Inc. in the transaction. The Luse Gorman team consists of Benjamin Azoff (Picture), Gary A. Lax and Ellie Cook.
Law Firms: Luse Gorman, PC;
Clients: Severn Bancorp, Inc.;