Shore Bancshares in Easton, Md., has agreed to sell an insurance agency.
The $1.5 billion-asset Shore said in a press release Tuesday that Alera Group, a national insurance firm, will buy all of the assets of Avon-Dixon Agency’s insurance business. Shore said it expects to receive net proceeds of about $26.9 million from the deal, which should close by the end of this year.
"The transaction will substantially increase the company's regulatory capital, which will enable us to expand our banking activities,” Lloyd Beatty, Shore’s president and CEO, said in the release. “The association with the Alera Group will afford [Avon-Dixon] many new opportunities for growth.”
Avon-Dixon will keep its name. Rich Trippe, Avon-Dixon’s managing partner, will keep his title at the agency.
“Avon-Dixon has enjoyed a long and beneficial relationship with Shore … during which the agency increased local presence while growing significantly,” Trippe said in the release.
“Joining Alera Group gives us the resources, technical expertise and best practices of a larger national firm, while maintaining the personal local service our clients have come to expect,” Trepp added.
