Shore Bancshares & TCFC shareholders approve merger; close expected July 1, 2023

SHORE BANCSHARES INC

SHBI shareholders voted 14,650,547 for, 1,554,312 against, 48,122 abstain to approve the merger.
TCFC shareholders also approved merger agreement and executive compensation proposals.
All required bank regulatory approvals already received; transaction to close July 1, 2023.
Merger of equals combining Shore United Bank and Community Bank of the Chesapeake in Maryland.

Key facts

Extracted from this filing and checked against the source text.

Shareholder Votes SEC 8-K Item 5.07 confidence 0.99

SHORE BANCSHARES INC shareholders approved Approval of the merger of The Community Financial Corporation with and into Shore Bancshares, Inc., and the issuance of shares of SHBI common stock to TCFC shareholders pursuant to the Merger Agreement. at the 2023-06-20 meeting.

Proposal: merger approval
Outcome: passed
Meeting: 2023-06-20

Exact text from the filing

1. Approval of the Merger and Share Issuance Proposal* For Against Abstain Broker Non-Votes 14,650,547 1,554,312 48,122 3⁄4 *The affirmative vote of at least a majority of the outstanding shares of SHBI common stock entitled to vote at the Special Meeting was required to approve the Merger and Share Issuance Proposal. Abstentions and broker non-votes were not counted as votes cast, but were treated as present for quorum purposes.

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Source: SEC EDGAR

accession 0001104659-23-072969

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