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According to Shore, Treasury plans to invest $25 million in Shore Bancshares' senior preferred stock with a 5% annual dividend yield for the first five years, and 9% thereafter. In addition, Treasury will receive a warrant to purchase $3.75 million of SHBI common stock at a price to be determined at closing.
The closing of the transactions should occur in January of 2009.
Easton, Maryland-based Shore Bancshares is a financial holding company and the parent company of The Talbot Bank of Easton, Maryland, The Centreville National Bank of Maryland, and The Felton Bank.
The company also owns three insurance producer firms, The Avon-Dixon Agency, Elliott Wilson Insurance and Jack Martin and Associates, and a wholesale insurance company, TSGIA. It holds two insurance premium finance companies, Mubell Finance and ESFS, investment adviser firm Wye Financial Services, and a mortgage broker subsidiary, Wye Mortgage Group.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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