---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-127019"
form_type: "8-K"
ticker: "SHBI"
cik: "0001035092"
company_name: "SHORE BANCSHARES INC"
filed_at: "2022-12-14T23:59:59+00:00"
generated_at: "2026-06-21T04:32:59.294918+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Shore Bancshares to acquire The Community Financial Corporation in ~$254M all-stock deal

## Summary
- Consideration of ~$44.71 per TCFC share based on $19.20 SHBI closing price; ~15% premium.
- Combined company will have ~$6.0B in assets, over 40 branches, and pro forma market cap ~$650M.
- Transaction expected to be over 40% accretive to Shore's EPS in 2024; closing expected Q2 2023.
- James M. Burke (TCFC CEO) to become President & CEO of combined company; board expands from 15 to 20 with 8 TCFC nominees.
- Termination fee of $10.5M payable by either party under certain conditions; Shore shareholders to own ~60%, TCFC ~40%.

## SEC filing metadata
- accession: 0001104659-22-127019
- form_type: 8-K
- ticker: SHBI
- cik: 0001035092
- company_name: SHORE BANCSHARES INC
- filed_at: 2022-12-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1035092/000110465922127019/0001104659-22-127019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1035092/000110465922127019/tm2232656d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-127019
- JSON: https://secwatch.observer/filing/0001104659-22-127019.json
- Plain text: https://secwatch.observer/filing/0001104659-22-127019.txt

## Key facts
- Material Agreements
  SHORE BANCSHARES INC entered into Agreement and Plan of Merger with The Community Financial Corporation (effective 2022-12-14).
  - Action: entry
  - Agreement: merger
  - Counterparty: The Community Financial Corporation
  - Effective: 2022-12-14
  source text: On December 14, 2022, Shore Bancshares, Inc., a Maryland corporation (the “ Company ” or “ SHBI ”), and The Community Financial Corporation, a Maryland corporation (“ TCFC ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1035092/000110465922127019/0001104659-22-127019-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.