Northwest Bank in Owings Mills to Change Hands

OWINGS MILLS, MD — Shore United Bank will purchase three bank branches in the Baltimore metropolitan area, among them one in Owings Mills.

Northwest Savings Bank in the 9600 block of Reisterstown Road as well as branches in Arbutus and Elkridge will be acquired by Shore United, an Easton-based operation.

All employees will remain at their respective locations, according to a statement from Shore United Bank.

"Northwest is pleased to have the opportunity to transfer these branches to Shore, given its long-standing tradition of success as a Maryland-based community bank," Northwest Chairman/President/CEO William J. Wagner said in a statement. "We believe the employees and customers of these offices will embrace the products, services and culture of Shore, which are remarkably similar to Northwest."

Northwest plans to focus on Pennsylvania, New York and Ohio, where it has more of a presence, Wagner said. It is headquartered in Warren, Pennsylvania.

When the deal is complete, Shore will have approximately $1.35 billion in total assets. The acquisition will be completed in the second quarter, officials said in a statement.

"These branches are a natural extension of our Eastern Shore base of operations and the transaction reflects our announced intention to expand our footprint through accretive acquisition opportunities," Shore Bancshares President/CEO Lloyd "Scott" Beatty Jr. said in a statement. "We are excited to announce this transaction and look forward to having our new customers and employees join the Shore United team."

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