Easton, Md.-based Shore Bancshares Inc. has agreed to sell subsidiary Avon-Dixon Agency LLC, an insurance producer firm, in a bid to boost its regulatory capital.
Under the terms of the deal, Avon-Dixon, an Alera Group Agency LLC, will buy substantially all of the assets of Avon-Dixon's insurance business for $26.9 million. Alera Group Agency LLC is a subsidiary of Alera Group Inc.
The acquisition is expected to close before the end of fiscal year 2018.
Additionally, Shore United Bank appointed Lloyd Beatty Jr. as its CEO, with the appointment becoming effective on Dec. 17. Beatty is the president and CEO of Shore Bancshares.