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Shore Bancshares sells insurance subsidiary for $25.2M

Shore Bancshares sells insurance subsidiary for $25.2M

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Shore Bancshares Logo (PRNewsfoto/Shore Bancshares)

Easton-based Shore Bancshares Inc. and The Avon-Dixon Agency LLC, the company’s wholly-owned insurance producer firm completed the asset sale with Avon-Dixon, an Alera Group Agency LLC, a Delaware limited liability company and subsidiary of Alera Group Inc., pursuant to which Alera purchased substantially all of the assets of Avon-Dixon.

The transaction resulted in Shore Bancshares receiving approximately $25.2 million in cash from Alera.

Shore Bancshares is a financial holding company and is the largest independent bank holding company on the Eastern Shore.  It is the parent company of Shore United Bank and insurance premium finance company Mubell Finance LLC.  Shore Bancshares engages in trust and wealth management services through Wye Financial & Trust, a division of Shore United Bank.