Shore Bancshares Prices Offering Of 3.60 Mln Shares At $8.25/shr - Quick Facts

(RTTNews) - Shore Bancshares Inc. (SHBI) announced that on Tuesday it priced a public offering of 3.60 million shares of common stock at $8.25 per share for gross proceeds of $29.7 million.

The company expects to close the sale of the shares of common stock on or about May 27, 2014, subject to customary closing conditions.

Sandler O'Neill + Partners, L.P. is the sole underwriter for the offering. The underwriter will have a 30-day option to purchase up to an additional 540,000 shares of common stock from the Company at the offering price to cover over-allotments, if any.

The company intends to use the net proceeds of the offering for general corporate purposes, including but not limited to the contribution of capital to The Talbot Bank of Easton, Maryland, a bank subsidiary of the Company, to satisfy regulatory capital requirements, and to support organic growth, de novo branching, branch acquisitions, loan production offices and opportunistic acquisitions, if any.