Shore Bancshares has said that two of its bank subsidiaries, The Felton Bank, headquartered in Felton, Delaware, and CNB, headquartered in Centreville, Maryland, recently received the regulatory approval necessary to merge The Felton Bank into CNB, with CNB as the surviving entity.
The banks anticipate that the merger will be effective on 1 January 2011.
According to Shore Bancshares, the headquarters for the combined CNB will be in Centreville, Maryland. The Felton Bank’s Delaware offices will remain open and operate under the CNB name, but will continue to be managed by experienced Delaware residents, with the local authority to make decisions.
The combined CNB will have approximately $425m in assets, 12 branches that stretch from the Chesapeake Bay to the Delaware Bay.
CNB said it intends to provide increasing access to banking services with additional offices and ample capital to fund the loans needed by the communities it serves in both Maryland and Delaware.