Home Anne Arundel County Shore Bancshares, Severn Bancorp merger approved

Shore Bancshares, Severn Bancorp merger approved

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Shore Bancshares, the holding company of Shore United Bank and Severn Bancorp, the holding company of Severn Savings Bank, announced that, at special meetings of their respective shareholders held on Oct. 22, Shore’s shareholders approved the merger of Severn with and into Shore.

Shore will be the surviving corporation, with the issuance of shares of Shore’s common stock to the shareholders of Severn pursuant to that certain Agreement and Plan of Merger, dated March 3. Subject to customary closing conditions, the transaction is expected to be consummated effective as of Oct. 31.

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