EASTON, Md., Jan. 3, 2019 /PRNewswire/ -- Shore Bancshares,
Inc. (NASDAQ: SHBI) (the "Company" or "Shore Bancshares") and
The Avon-Dixon Agency, LLC, the Company's wholly-owned insurance
producer firm ("Avon-Dixon" ) completed the asset sale with
Avon-Dixon, an Alera Group Agency, LLC ("Alera"), a Delaware limited liability company and
subsidiary of Alera Group, Inc. ("Alera Group"), pursuant to which
Alera purchased substantially all of the assets of Avon-Dixon.
The transaction resulted in Shore Bancshares receiving
approximately $25.2 million in cash
from Alera.
"We are confident that the transaction will produce positive
results for both Shore Bancshares and Avon-Dixon," said
Lloyd L. (Scott) Beatty, President
and CEO of Shore Bancshares. "The increase in equity will
help us expand our banking activities in 2019 and afford new growth
opportunities to the agency."
"We are thankful for the beneficial relationship with Shore
Bancshares, and we are excited about our new relationship with
Alera Group, who gives us the resources to be part of a large
national insurance firm while maintaining the personal local
service our clients have come to expect," said Rich Trippe, President and CEO of
Avon-Dixon.
About Shore Bancshares, Inc.
Shore Bancshares 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; an insurance premium finance
company, Mubell Finance, LLC. Shore Bancshares 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.
About Alera Group
Based in Deerfield, IL, Alera Group's over 1,500
employees serve thousands of clients nationally in employee
benefits, property and casualty, risk management and wealth
management. Alera Group is the 15th largest independent insurance
agency in the country. For more information, visit
www.aleragroup.com or follow Alera Group on Twitter:
@AleraGroupUS.
Forward-Looking Statements
The statements
contained herein that are not historical facts are forward-looking
statements (as defined by the Private Securities Litigation Reform
Act of 1995) based on management's current expectations and beliefs
concerning future developments and their potential effects on the
Company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of the Company. There can be no
assurance that future developments affecting the Company will be
the same as those anticipated by management. These statements
are evidenced by terms such as "anticipate," "estimate," "should,"
"expect," "believe," "intend," and similar expressions.
Although these statements reflect management's good faith beliefs
and projections, they are not guarantees of future performance and
they may not prove true. These projections involve risk and
uncertainties that could cause actual results to differ materially
from those addressed in the forward-looking statements. For a
discussion of these risks and uncertainties, see the section of the
periodic reports filed by Shore Bancshares, Inc. with the
Securities and Exchange Commission entitled "Risk Factors".
The Company specifically disclaims any obligation to update any
factors or to publicly announce the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
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SOURCE Shore Bancshares, Inc.