Shore Bancshares, Inc. , parent company of three independent community banks and two retail insurance agencies serving the Delmarva peninsula, has closed two new acquisitions including a retail agency specializing in marine insurance and a wholesale insurance agency offering a variety of specialty products for independent insurance agencies throughout the mid-Atlantic region.
One of the acquisitions is TSGIA, Inc. & Subsidiaries, of Salisbury, Md, which has been a regional wholesale insurance operation for 30 years and generates $6.5 million in annual gross revenue.
The otehr is Jack Martin & Associates, Inc., of Annapolis, a family-ownedf agency that was founded in the 1920s and specialized in marine insurance in the mid- Atlantic region. It produces approximately $2 million in annual revenue.
According to Terry M. Mead, chief executive officer of the existing Shore Bancshares retail insurance agency subsidiaries — The Avon Dixon Agency LLC and Elliott Wilson Insurance LLC — both of the acquisitions are expected to be immediately accretive to earnings.
Mead said the Annapolis-based acquisition will more than double the size of the marine-related book of business for Shore Bancshares, while the new wholesale operation will create “significant growth opportunities” in a much wider geographic area.
The principals and staff of both acquired firms will be retained. Edward A. Dickerson, CEO of TSGIA, will also serve as chief executive officer of a newly-formed wholesale insurance subsidiary of Shore Bancshares, which will be managed separately from the company’s group of retail insurance subsidiaries under Mead.
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Md. It is the parent company of three banks, The Talbot Bank of Easton, Maryland, The Centreville National Bank of Maryland, and The Felton Bank; two insurance producer firms, The Avon-Dixon Agency, LLC and Elliott Wilson Insurance, LLC; an insurance premium finance company, Mubell Finance, LLC; a mortgage company, Wye Mortgage Group and a wealth management and investment advisory company, Wye Trust Services.
Source: Shore Bancshares
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