Shore Bancshares and The Community Financial Announce Receipt of Regulatory Approval for Merger of Equals

Shore Bancshares, Inc. (NASDAQ: SHBI), the holding company of Shore United Bank, N.A., and The Community Financial Corporation (NASDAQ: TCFC), the holding company of Community Bank of the Chesapeake, announced today that they received the required regulatory approvals from the Office of the Comptroller of the Currency and the Maryland Office of the Commissioner of Financial Regulation for Community Bank of the Chesapeake to be merged with and into Shore United Bank, N.A. on the terms and subject to the conditions of the Agreement and Plan of Merger, dated as of December 14, 2022, by and between Shore and TCFC. In addition, the Board of Governors of the Federal Reserve System granted Shore and TCFC a waiver of its merger application requirements. The consummation of the merger remains subject to the approval by Shore’s shareholders of the merger and the issuance of shares of Shore’s common stock in connection with the merger, the approval by TCFC’s shareholders of the merger and the satisfaction of other closing conditions. SHBI and TCFC expect that the merger transaction will close on or about July 1, 2023.

About Shore Bancshares, Inc.

Shore Bancshares, Inc. is the largest independent financial holding company headquartered on the Eastern Shore of Maryland, with assets of approximately $3.5 billion as of December 31, 2022. It is the parent company of Shore United Bank, N.A. Shore United Bank, N.A. operates 31 full-service branches, 32 ATMs, 5 loan production offices, and provides a full range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Anne Arundel CountyBaltimore CountyCaroline CountyDorchester CountyHoward CountyKent CountyQueen Anne’s CountyTalbot County and Worcester County in MarylandKent County and Sussex County in Delaware and in Accomack County, Virginia. The Company engages in trust and wealth management services through Wye Financial Partners, a division of Shore United Bank, N.A.

About The Community Financial Corporation

Headquartered in Waldorf, MD, The Community Financial Corporation is the bank holding company for Community Bank of the Chesapeake, a full-service commercial bank with assets of approximately $2.4 billion as of December 31, 2022. Through its branch offices and commercial lending centers, Community Bank of the Chesapeake offers a broad range of financial products and services to individuals and businesses. TCFC’s branches are located at its main office in Waldorf, Maryland, and branch offices in Bryans RoadDunkirkLeonardtownLa PlataCharlotte HallPrince FrederickLusby and CaliforniaMaryland; and Fredericksburg – Downtown and Fredericksburg – Harrison Crossing, Virginia. More information about Community Bank of the Chesapeake can be found at