Press Release
December 19, 2022

Holland & Knight Advises Shore Bancshares in $254 Million Acquisition of The Community Financial Corporation

WASHINGTON, D.C. (December 19, 2022) – Holland & Knight advised Shore Bancshares, Inc. (NASDAQ: SHBI), the holding company of Shore United Bank, N.A., in its acquisition of The Community Financial Corporation (NASDAQ: TCFC), the holding company of Community Bank of the Chesapeake. The all-stock transaction, announced on December 14, is valued at approximately $254.4 million and is expected to close late in the second quarter or early in the third quarter of 2023.

Shore Bancshares is the largest independent financial holding company headquartered on the eastern shore of Maryland. Shore United Bank operates 31 full-service branches, 32 ATMs, five loan production offices, and provides a full range of commercial and consumer banking products and services to individuals, businesses and other organizations. The Community Financial Corporation is also headquartered in Maryland.

The combined company will operate under the "Shore Bancshares, Inc." name and have total assets of approximately $6 billion on a pro forma basis as of the assumed closing date. It will have more than 40 branches, with leading and commanding market share positions in attractive Maryland markets and a growing presence in Virginia and Delaware.

Holland & Knight Partners Kevin Houlihan, William Levay and Kerry Halpern, and Associates Alex Weaver, Amelia Occhino, Nicole Martini and Mary Ellen Stanley, led the firm's representation of Shore Bancshares.

More information on the transaction can be found here.

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