secwatch.observer — SEC 8-K summary
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Issuer:     SHORE BANCSHARES INC (SHBI)
CIK:        0001035092
Form:       8-K
Filed at:   2021-11-01T23:59:59+00:00
Accession:  0001104659-21-132097
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shore Bancshares completes $169.8M Severn Bancorp acquisition; Hyatt named Chairman
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- Acquisition effective Oct 31, 2021; each Severn share converted to 0.6207 SHBI shares + $1.59 cash.
- Total consideration approximates $169.8M based on SHBI closing price of $18.48 on Oct 29, 2021.
- Pro forma combined assets ~$3.2B, equity ~$311.3M, deposits ~$2.9B as of June 30, 2021 (unaudited).
- Alan J. Hyatt (former Severn CEO) appointed Chairman of SHBI and Shore United Boards; four new directors added.
- Hyatt entered a five-year consulting agreement with Shore United at $150K annual fee, subject to non-compete.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1035092/000110465921132097/0001104659-21-132097-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1035092/000110465921132097/tm2131439d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-132097

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer