Sale of Insurance Subsidiary (The Avon-Dixon Agency, LLC)Asset Purchase Agreement • December 18th, 2018 • Shore Bancshares Inc • National commercial banks
EASTON, Md., Dec. 17, 2018 /PRNewswire/ -- On December 17, 2018, Shore Bancshares, Inc. (the "Company" or "Shore Bancshares") and The Avon-Dixon Agency, LLC, the Company's wholly-owned insurance producer firm ("Avon-Dixon"), entered into an Asset Purchase Agreement (the "Purchase Agreement") with Avon-Dixon, an Alera Group Agency, LLC ("Alera"), a Delaware limited liability company and subsidiary of Alera Group, Inc. ("Alera Group"), pursuant to which Alera will purchase substantially all of the assets used in the operation of Avon-Dixon's insurance business (the "Acquisition"). Subject to certain adjustments set forth in the Purchase Agreement, the Company will receive net proceeds of approximately $26.9 million on the closing date of the Acquisition. Subject to customary closing conditions, the Acquisition is expected to be completed before the end of fiscal 2018.
