Press Release
November 3, 2021

Holland & Knight Advises on $169.8 Million Merger of Maryland Banks

WASHINGTON (November 3, 2021) – Holland & Knight advised Shore Bancshares, Inc. (NASDAQ: SHBI), the holding company for Shore United Bank, N.A., on its acquisition of Severn Bancorp, Inc. (NASDAQ: SVBI), the savings and loan holding company of Severn Savings Bank, FSB. The stock and cash transaction is valued at approximately $169.8 million and was finalized on Oct. 29, 2021. In connection with the acquisition, Shore United Bank, N.A. converted from a Maryland chartered commercial bank to a national banking association.

The merger creates the third largest bank headquartered in Maryland, with 29 full-service branch locations. With the addition of Severn Bancorp, on a pro forma combined basis, the company will have total assets of approximately $3.2 billion, total shareholders' equity of approximately $311.3 million and total deposits of approximately $2.9 billion as of June 30, 2021.

Shore Bancshares is headquartered in Easton, Maryland, and is the largest independent bank holding company located on Maryland's Eastern Shore.

Holland & Knight Partners Kevin Houlihan, William Levay and Kara Ariail and Associates Amelia Occhino and Ross Tuminello led the firm's representation of Shore Bancshares in the transaction.

More information about the transaction can be found here.

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