Shore Bancshares, Inc. (NASDAQ: SHBI) has completed a private placement of $60 million in 6.25% Fixed to Floating Rate Subordinated Notes due 2035. The notes will bear a fixed interest rate of 6.25% per annum for the first five years, after which the rate will reset quarterly to the then-current three-month SOFR plus 288 basis points. The proceeds will be used for general corporate purposes and repayment of existing indebtedness. The notes are intended to qualify as Tier 2 capital for regulatory purposes. No prospectus URL is included in the document.
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