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Shore Bancshares, Inc. Announces Completion Of Acquisition Of Severn Bancorp, Inc.

Nov 01, 2021•about 4 years ago

Acquiring Company

Shore Bancshares

Acquired Company

Shore Bancshares

Lending And InvestmentsFinancial ServicesFinancial ServicesLending And Investments

Description

Shore Bancshares, Inc. (NASDAQ: SHBI) (the "Company" or "Shore"), the holding company of Shore United Bank, National Association (the "Shore United"), announced today that it has completed the acquisition, effective as of October 31, 2021, of Severn Bancorp, Inc. (NASDAQ: SVBI) ("Severn"), the savings and loan holding company of Severn Savings Bank, FSB, a federally chartered savings bank headquartered in Annapolis, Maryland. In connection with the merger, Shore United consummated its conversion to a national bank on October 29, 2021.

Company Information

Company

Shore Bancshares

About

Severn Bancorp, Inc. is a savings and loan holding company chartered as a corporation in the state of Maryland in 1990. It conducts business primarily through three subsidiaries, Severn Savings Bank, FSB, Mid-Maryland Title Company, Inc. and SBI Mortgage Company. Founded in 1946, Severn Savings Bank is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has seven branches located in Annapolis, Crofton, Edgewater, Glen Burnie, Lothian/Wayson's Corner, and Severna Park.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed