Early 2021 Sees a Significant Increase in Mutual-to-Stock Conversion Activity

March 17, 2021

The number of conversion transactions announced in the first quarter of 2021 has already exceeded the total number of transactions for all of 2020. Currently, there are 11 mutual-to-stock conversions, second-step conversions and mutual holding company minority stock issuances pending, with two conversions already completed in January. Luse Gorman is counsel in nine of these transactions.


Luse Gorman is Legal Counsel to Severn Bancorp, Inc. in its Proposed Acquisition by Shore Bancshares, Inc.

March 4, 2021

On March 3, 2021, Severn Bancorp, Inc., Annapolis, Maryland, announced the signing of a definitive merger agreement with Shore Bancshares, Inc., Easton, Maryland, pursuant to which Severn Bancorp, Inc. will merge with and into Shore Bancshares, Inc. The stock and cash transaction is valued at approximately $146 million. The transaction will create the third largest bank headquartered in Maryland, with total assets of approximately $2.9 billion.