Delmarva Bancshares agreed to acquire Easton Bancorp for $8 million on March 31, 2015. Delmarva entered into a private placement to sell equity to certain unnamed investors immediately prior to the deal's closing. The capital will be used to fund the cash consideration and the redemption price of Easton's subordinated debt, among other things. Upon completion of the acquisition, Easton Bank & Trust will be merged into 1880 Bank and the combined organization under the 1880 Bank name. William David Hill, the Founder and Chairman of Easton Bancorp, will join the board of Delmarva Bancshares. The transaction is subject to regulatory approvals, approval of Easton Bancorp shareholders and satisfaction of closing conditions and is expected to close in the third or fourth quarter of 2015.

Raymond James & Associates acted as financial advisor and David Baris and Noel Gruber of BuckleySandler, LLP acted as legal advisors for Delmarva. Monocacy Financial Advisors, LLC acted as financial advisor and Nelson Mullins Riley & Scarborough LLP acted as legal advisor for Easton. Alston & Bird acted as legal advisor for Raymond James.