UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 1, 2016
SHORE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 0-22345 | 52-1974638 |
| (State or other jurisdiction of | (Commission file number) | (IRS Employer |
| incorporation or organization) | Identification No.) |
28969 Information Lane, Easton, Maryland 21601
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (410) 763-7800
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| £ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| £ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| £ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| £ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
On July 1, 2016, Shore Bancshares, Inc. announced the completion of the merger of The Talbot Bank of Easton and CNB and the unified branding of the combined entity under the “Shore United Bank” name.
The consolidation of both subsidiary banks will have a direct impact on reducing costs and streamlining efficiencies. This will be accomplished through the reduction of internal and external reporting, the elimination of various administrative burdens, and the alleviation of regulatory complexity by reducing both the number of regulators and examinations. Further, the consolidation will facilitate a consistent corporate culture and unified branding under the Shore United Bank name allowing the Bank to compete more effectively in its market area by expanding services and products to all customers throughout the Delmarva Region.
A copy of the press release issued by Shore Bancshares, Inc. on July 1, 2016 is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The exhibits that are filed or furnished with this report are listed in the Exhibit Index that immediately follows the signatures hereto, which list is incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SHORE BANCSHARES, INC. | ||
| Dated: July 1, 2016 | By: | /s/ Lloyd L. Beatty, Jr. |
| Lloyd L. Beatty, Jr. President and Chief Executive Officer | ||
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EXHIBIT INDEX
Exhibit
| Number | Description |
| 99.1 | Press release dated July 1, 2016 (furnished herewith) |
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Shore Bancshares Announces Consolidation of Banking Subsidiaries and Unified Branding under Shore United Bank name
EASTON, Md., July 1, 2016 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ:SHBI) announced today the completion of the merger of its two banking subsidiaries and the unified branding of the combined entity under the "Shore United Bank" name.
"We are pleased to announce the consolidation of The Talbot Bank and CNB under the new name of Shore United Bank," said Lloyd L. "Scott" Beatty, Jr., President and Chief Executive Officer. "Merging our two subsidiary banks will facilitate expanded services and products to all our customers throughout the Delmarva Region. The same great people and dedicated customer service will remain at all 18 branches, only with a new name that reflects the scope of our operations."
As a $1.1 billion bank, Shore United Bank will continue to operate all 18 branches, a loan production office, and wealth management office throughout the Eastern Shore of Maryland, and Delaware.
Shore Bancshares Information
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of Shore United Bank; one retail insurance producer firm, The Avon-Dixon Agency, LLC ("Avon-Dixon"), with two specialty lines, Elliott Wilson Insurance (Trucking) and Jack Martin Associates (Marine); and an insurance premium finance company, Mubell Finance, LLC ("Mubell"). Shore Bancshares Inc. engages in trust and wealth management services through Wye Financial & Trust, a division of Shore United Bank.
Additional information is available at www.shorebancshares.com.
CONTACT: Debra Rich, 410-763-7933, debra.rich@shbi.com