Delmarva Bancshare, the parent company of 1880 Bank, announced that the acquisition of Easton Bancorp (Easton Bank & Trust Company) through the merger of Easton Bank with and into 1880 Bank, became effective July 15, 2015.
As a result of the merger, 1880 Bank — with approximately $330 million in assets, $225 million in loans and $280 million in deposits – becomes the sixth largest community bank on the Delmarva Peninsula. 1880 Bank will have six full service banking offices in Talbot and Dorchester counties focused on building long-term relationships with businesses, professionals and individuals.
“Together, we now offer clients six branch locations in Dorchester & Talbot counties, a higher borrowing capacity, more electronic banking services and added financial planning resources,” said Kim Liddell, Chairman, President and CEO. “Most importantly, we are extending the personal, hometown customer service that clients have enjoyed at both banks for so many years. We welcome Dr. Hill and the team of Easton Bank professionals to our combined company.”
David Hill, who joins the Board of Directors of Delmarva and 1880 Bank commented, “As the 1880 Bank name implies, we bring more than 135 years of service to businesses and families not only in Talbot and Dorchester but in all the other counties of the middle and lower Eastern Shore. We’re two like-minded organizations, entrenched in the community, that now offer a more robust team of professionals and capabilities.”
Immediately prior to the consummation of the acquisition, Delmarva closed its previously announced private placement of $14 million in equity, which was used, in part, to fund the cash purchase price for Easton and to redeem Easton’s subordinated debt.
Delmarva was advised by Raymond James & Associates, Inc. and the law firm of BuckleySandler LLP. Raymond James also served as sole placement agent in connection with the private placement of equity, and Alston & Bird LLP served as legal counsel to Raymond James.
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