Shore Bancshares and Community Financial receive regulatory approval for merger

Shore Bancshares (SHBI) , the holding company of Shore United Bank, and The Community Financial (TCFC), the holding company of Community Bank of the Chesapeake, announced that they received the required regulatory approvals from the Office of the Comptroller of the Currency and the Maryland Office of the Commissioner of Financial Regulation for Community Bank of the Chesapeake to be merged with and into Shore United Bank, on the terms and subject to the conditions of the Agreement and Plan of Merger, dated as of December 14, 2022, by and between Shore and TCFC. In addition, the Board of Governors of the Federal Reserve System granted Shore and TCFC a waiver of its merger application requirements. The consummation of the merger remains subject to the approval by Shore’s shareholders of the merger and the issuance of shares of Shore’s common stock in connection with the merger, the approval by TCFC’s shareholders of the merger and the satisfaction of other closing conditions. SHBI and TCFC expect that the merger transaction will close on or about July 1.