Deal Flow
Letter · prints on one page
Transaction tear sheetData as of Nov 7, 2026
M&A · Financials · State Commercial Banks

Shore Bancshares Inc to acquire Community Financial Corp

Announced Dec 14, 2022 · Closed Jun 30, 2023

Deal value$254M
Premium12.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$44.71 per share

Transaction

Acquirer
Shore Bancshares Inc (SHBI)
Target
Community Financial Corp
Buyer type
Strategic
Offer price per share
$44.71
Enterprise value
—
Status
Closed Jun 30, 2023

Deal protections

Break fee (target pays)
—
Reverse fee (buyer pays)
—
Go-shop
No-shop
Financing
—

Advisors

To the acquirer
Stifel
To the target
Piper Sandler

Sector context · Financials

Comparable deals
88 in the prior 24 months
Premium
12.7% vs. 31.0% sector median
EV / Adj. EBITDA
Sector median 23.7x
Break fee
Sector median 3.7%

Timeline

  1. AnnouncedDec 14, 2022
  2. Proxy filedMay 8, 2023
  3. Definitive proxyMay 8, 2023
  4. Shareholder voteJun 20, 2023
  5. ClosedJun 30, 2023

Valuation · fairness opinions

Discounted cash flowStifel$18.26$24.10
Discounted cash flowStifel$44.72$60.61
Precedent transactionsPiper Sandler$38.73$69.87
Precedent transactionsPiper Sandler$41.22$75.02
Precedent transactionsPiper Sandler$12.77$22.02
Precedent transactionsPiper Sandler$16.94$26.50
Offer $44.71

Implied value per Community Financial Corp share by analysis, from Stifel and Piper Sandler · DCF discount rate 10%–12%.

Sources
  • 8-K (EX-99.1) · Dec 14, 2022
  • 425 (EX-99.1) · Dec 14, 2022

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.