Shore Bancshares Inc., a financial holding company headquartered in Easton, Md., and The Avon-Dixon Agency LLC, its wholly-owned insurance producer firm, have entered into an asset purchase agreement with Avon-Dixon, an Alera Group Agency LLC (Alera).
Alera is a Delaware limited liability company and subsidiary of Alera Group Inc.
The agreement was entered into on December 17, 2018. Alera will purchase substantially all of the assets used in the operation of Avon-Dixon’s insurance business, and subject to certain adjustments set forth in the purchase agreement, Shore Bancshares will receive net proceeds of approximately $26.9 million on the closing date of the acquisition. Subject to customary closing conditions, the acquisition is expected to be completed before the end of fiscal 2018.
The transaction will increase Shore Bancshares regulatory capital, enabling the company to expand its banking activities, and the association with the Alera Group will bring new opportunities for growth, according to Shore Bancshares President and CEO Lloyd L. Beatty in a company press release. Following the transaction, Beatty stated that the entire team will remain in place, and Rich Trippe will remain as the managing partner of the agency.
Separately, Shore United Bank, Shore Bancshares’ wholly-owned bank subsidiary, appointed Beatty as the bank’s CEO, effective December 17, 2018.
Source: Shore Bancshares
Was this article valuable?
Here are more articles you may enjoy.