Shore Bancshares, Inc. Announces Receipt Of Regulatory Approvals For Acquisition Of Severn Bancorp, Inc.

Shore Bancshares, Inc. ("the Company" or "Shore") (NASDAQ:SHBI), the holding company of Shore United Bank, announced today that it has received regulatory approval from the Office of the Comptroller of the Currency to convert Shore United Bank to a national bank and, for Severn Savings Bank, FSB to be merged with and into Shore United Bank, National Association on the terms and subject to the conditions of the Agreement and Plan of Merger, dated as of March 3, 2021, by and between the Company and Severn Bancorp, Inc. ("Severn"). The Company previously disclosed in its Registration Statement on Form S-4, as amended and filed with the Securities and Exchange Commission (the "SEC") on September 10, 2021, that the Company had received regulatory approval from the Federal Reserve Bank of Richmond for Severn to be merged with and into the Company. The consummation of the transaction remains subject to the approval by Severn's shareholders of the merger, the approval by the Company's shareholders of the merger and the issuance of shares of the Company's common stock to the holders of Severn common stock in connection with the merger, and the satisfaction of other closing conditions. The Company expects that the Severn acquisition will close in the fourth quarter of 2021.