Shore Bancshares, Inc. (NASDAQ: SHBI) announced today that its banking subsidiary, Shore United Bank, has extended its footprint across the Eastern Shore to the greater Baltimore, Maryland area communities in Elkridge, Owings Mills, and Arbutus by opening the doors of three former Northwest Bank branches as Shore United Bank today.
The transaction resulted in Shore United Bank, receiving $215 million in assets from Northwest Bank, the bank subsidiary of Northwest Bancshares, Inc.
"We look forward to the opportunities in the Baltimore market area," noted Shore Bancshares' President and Chief Executive Officer, Lloyd L. "Scott" Beatty, Jr. "These branches provide geographic diversification for our organization and will help to support future growth. We have a great team of experienced bankers at these locations to serve the former customers of Northwest Bank."
"Thank you to all of the employees at Northwest and Shore United Bank for their commitment and hard work to make this transaction possible," said Shore United Bank President and Chief Executive Officer, Patrick Bilbrough.
About Shore Bancshares, Inc. 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.