Shore Bancshares, a $1.9bn-asset financial holding company, completed the merger with Severn Bancorp, a savings and loan holding company, in a $146m deal. "It is an opportunity for Severn to join forces with a larger organization and remain committed to community banking. We look forward to the opportunities and benefits this combination will bring to our shareholders, in terms of prospects for future earnings growth, immediate dividend pick-up and diversification, as well as to clients, employees and the many communities we serve," Alan Hyatt, Severn President and Chief Executive Officer. On October 22, 2021, Shore's shareholders approved the merger of Severn with and into Shore.