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Shore Bancshares completes sale of insurance unit

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Shore Bancshares completes sale of insurance unit

Easton, Md.-based Shore Bancshares Inc. completed the sale of its insurance agency unit, Avon-Dixon Agency LLC, for $25.2 million in cash.

On Dec. 17, 2018, Avon-Dixon, an Alera Group Agency LLC, announced that it was buying substantially all of the assets of Avon-Dixon's insurance business.

Shore Bancshares President and CEO Lloyd Beatty said "the increase in equity will help [the company's] banking activities in 2019 and afford new growth opportunities."