Shore Bancshares Files 8-K for Other Events
Ticker: SHBI · Form: 8-K · Filed: Apr 30, 2024 · CIK: 1035092
| Field | Detail |
|---|---|
| Company | Shore Bancshares INC (SHBI) |
| Form Type | 8-K |
| Filed Date | Apr 30, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $4.3 million, $3.6 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, regulatory-filing
Related Tickers: SHBI
TL;DR
SHBI filed an 8-K for 'Other Events' on 4/30 - details TBD.
AI Summary
Shore Bancshares, Inc. filed an 8-K on April 30, 2024, to report other events. The filing does not contain specific details about the nature of these events, dollar amounts, or definitive dates beyond the report date.
Why It Matters
This filing indicates that Shore Bancshares, Inc. has reported an event requiring immediate disclosure to the public, though the specifics are not detailed in this summary.
Risk Assessment
Risk Level: low — The filing is a standard 8-K for 'Other Events' without immediate negative or positive financial implications detailed.
Key Numbers
- 000-22345 — SEC File Number (Identifies the company's filing history with the SEC.)
- 52-1974638 — IRS Employer Identification No. (Tax identification number for the company.)
Key Players & Entities
- SHORE BANCSHARES, INC. (company) — Registrant
- Maryland (jurisdiction) — State of incorporation
- April 30, 2024 (date) — Date of report
FAQ
What specific event is Shore Bancshares, Inc. reporting under 'Other Events'?
The provided text of the 8-K filing does not specify the nature of the 'Other Events' being reported.
When was this 8-K filing submitted?
The 8-K filing was submitted on April 30, 2024.
What is the principal executive office address for Shore Bancshares, Inc.?
The principal executive offices are located at 18 E. Dover St., Easton, Maryland 21601.
What is the company's telephone number?
The company's telephone number is (410) 763-7800.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 728 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-04-30 16:09:30
Key Financial Figures
- $4.3 million — activity, the Company will recognize a $4.3 million fraud-related expense in the first quar
- $3.6 m — jority of the fraud loss, approximately $3.6 million, or 84%, occurred between March 2
Filing Documents
- shbi-20240430.htm (8-K) — 24KB
- shbi-20240430_g1.jpg (GRAPHIC) — 69KB
- 0001628280-24-019344.txt ( ) — 325KB
- shbi-20240430.xsd (EX-101.SCH) — 2KB
- shbi-20240430_lab.xml (EX-101.LAB) — 21KB
- shbi-20240430_pre.xml (EX-101.PRE) — 12KB
- shbi-20240430_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On April 2, 2024, Shore United Bank, N.A. (the "Bank"), the wholly-owned subsidiary of Shore Bancshares, Inc. (the "Company"), detected that it had been subjected to fraudulent credit card account openings during the first quarter of 2024 and commenced an investigation. Bad actors used stolen personal information to open Bank-issued credit cards through the Bank's online credit card activation system. The personal information used had been stolen from individuals who are not customers of the Bank. No existing Bank customers were impacted by this fraudulent activity and the Bank's core processing system was not compromised. Upon detection, the Bank immediately closed all fraudulently-opened credit card accounts and suspended all credit card activations. The Bank will not open new credit card accounts until its investigation is complete. The Bank is implementing enhanced activity monitoring on all existing cards outstanding. As a result of the fraudulent activity, the Company will recognize a $4.3 million fraud-related expense in the first quarter of 2024 and does not anticipate additional losses related to this event. The majority of the fraud loss, approximately $3.6 million, or 84%, occurred between March 25, 2024 and April 2, 2024. In coordination with the Bank's credit card processor, management is evaluating the root causes of the fraud event and the preventative and monitoring controls that would have mitigated the fraud loss. Management will also consider in this evaluation whether the credit card product can attain the size and scale needed in the near-term for the Bank to continue as an issuer. The Bank has notified and is actively working with law enforcement to recover a portion of the fraud losses by various means. This Form 8-K contains forward-looking statements, which are any predictions, projections or other statements about future events based on current expectations and assumptions that are subject to risks and uncertaint
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SHORE BANCSHARES, INC. Dated: April 30, 2024 By: /s/ James M. Burke James M. Burke President and Chief Executive Officer 3