EASTON, Md., Nov.18, 2011 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) today reported it has closed for a price of $25,000 its repurchase of the entire common stock purchase warrant held by the U.S. Treasury Department.
The warrant was issued to the Treasury in January 2009 as part of the company's participation in TARP. The warrant had permitted its holder to purchase 172,970 shares of the company's common stock at an exercise price of $21.68 per share. Shore Bancshares has already redeemed its TARP preferred stock.
Shore Bancshares Information
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of two banks, The Talbot Bank of Easton, Maryland, and CNB; three insurance producer firms, The Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin and Associates, Inc; a wholesale insurance company, TSGIA, Inc; two insurance premium finance companies, Mubell Finance, LLC and ESFS, Inc; and a registered investment adviser firm, Wye Financial Services, LLC. Shore Bancshares, Inc. engages in the mortgage broker business under the name "Wye Mortgage Group" through a minority series investment in an unrelated Delaware limited liability company. Additional information is available at www.shbi.com.SOURCE Shore Bancshares, Inc.