EASTON – Shore United Bank President and CEO Lloyd L. “Scott” Beatty Jr. said he began investigating a connection with Severn Savings Bank in Annapolis for the first time in the summer of 2017.
But stock market fluctuations and then the coronavirus pandemic impacted the closing of the deal, which strengthens Shore United’s presence and lending capabilities.
Shore United and Severn, based in Easton, announced that they entered into a merger agreement on March 3, which is expected to be completed later this year, subject to regulatory approval.
“The deal made sense from the start. All of the metrics were roughly the same, ”said Beatty The star democrat the dynamics of the merger.
Beatty said the inclusion of Severn Bank in Shore United significantly increases his bank’s creditworthiness. The merger increases Shore’s deposits to $ 2.3 billion – an increase of 50%. The combination will provide Shore United with $ 2.9 billion in assets, 29 offices and more than 400 employees. Shore United’s headquarters will remain in Easton.
Beatty sees the stops and starts of the deal as an advantage now that the merger has been forged. “We got to know each other much better. It was a long process. We got to know their people and their organization, ”he said.
Beatty said Shore United Bank’s existing customers will not see any major changes, although they will have access to more branches through Severn’s presence in Annapolis and other locations in Anne Arundel County. “You will see very little change. Your bank accounts won’t change. Their numbers won’t change, ”he said of the impact on existing Shore customers.
The branches and operations of the Severn Savings Bank are operated under the name Shore United with headquarters in Easton and their operating and branding umbrella. Severn’s customers will be transitioning to Shore United accounts and systems. Severn has seven offices in Anne Arundel County that are becoming Shore locations.
Beatty said Shore United is focused on cementing the Severn merger, but he’s always open to the right growth opportunities.
“We have to get this right first,” he said. “We will definitely continue our organic growth.”