Shore Bancshares, Inc. and The Community Financial Corporation Announce Receipt of Shareholder Approval for Merger of Equals

EASTON, Md. and WALDORF, Md., June 20, 2023 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) ("SHBI"), the financial holding company of Shore United Bank, N.A. ("Shore United Bank"), and The Community Financial Corporation (NASDAQ: TCFC) ("TCFC"), the bank holding company of Community Bank of the Chesapeake, a Maryland-chartered commercial bank ("CBC"), announced today that, at special meetings of their respective shareholders held on June 20, 2023, SHBI's shareholders approved the merger of TCFC with and into SHBI, with SHBI as the surviving corporation (the "Merger"), and the issuance of shares of SHBI's common stock to the shareholders of TCFC pursuant to an Agreement and Plan of Merger, dated as of December 14, 2022 (the "Merger Agreement"), by and between SHBI and TCFC, and TCFC's shareholders approved the Merger Agreement, the Merger, and the compensation payable to the named executive officers of TCFC in connection with the Merger.