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Maryland-based Shore Bancshares merging 2 subsidiaries

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Maryland-based Shore Bancshares merging 2 subsidiaries

In Maryland, Shore Bancshares Inc. plans to merge and CNB into a $1.1billion bank.

The Easton, Md.-based holding company disclosed itsintention during an annual stockholders meeting and revealed Shore United Bankas the combined subsidiaries' name, according to a Form 8-K filed April 27.

Shore United Bank will continue to run all 18 branches, aloan production office and a wealth management office throughout the EasternShore of Maryland, and Delaware.

Applications for approval of the proposed mergerhave been or will be filed with the state of Maryland and the Federal ReserveBoard, the company noted in its filing.

The merger is set to close in the third quarter,pending regulatory approvals and corporate requirements.

The company said that the consolidation of the twobanks will provide operational efficiencies, a consistent culture and unifiedbranding under the new name.

The company hopes to complete the merger on July 1,according to a regulatory filing recently obtained by S&P Global MarketIntelligence.

Talbot Bank is located in Easton, while CNB isheadquartered in Centreville.