Shore Bancshares (SHBI) in Easton, Md., has sold its wholesale insurance business.
The $1 billion-asset company disclosed in a regulatory filing Tuesday that it sold Tri-State General Insurance Agency to an unnamed buyer for $2.9 million. The unit had $231,000 in assets.
Shore said $2.7 million in writeoffs tied to some of the agency's intangible assets and deferred-tax assets would not have a significant impact on its financial condition. However, the company said its regulatory capital ratios would benefit from the reductions in those assets.
The company also disclosed that it recently sold more than 4 million shares of common stock through Sandler O'Neill, producing net proceeds of roughly $32 million.