A History of First Shore Federal
First Shore Federal was founded in 1953 by a group of prominent local businessmen. Its purpose was to provide a source of funds for home mortgages in the Salisbury area while offering a good dividend and federal deposit insurance for local savings customers. The association ended its first partial year of operation with assets of $174,420.90.
With eight offices across the Lower Eastern Shore, First Shore Federal continues to provide consumer-banking services to the people of Delmarva's Lower Shore. The association opened its present headquarters at 106 South Division Street, Salisbury in 1964. Additional branch locations opened at Civic Avenue, Salisbury, in 1974, Pocomoke City, in 1977, Snow Hill and Berlin in 1987, Ocean Pines in 1996, Fruitland in 2001 and its first Delaware branch opened in 2003 in Ocean View. The Berlin branch moved to 310 Franklin Avenue in 2006.
As of December 31, 2012, First Shore Federal had assets of $310,937,130, loans of $240,770,679, federally insured savings deposits of $265,417,095 and a strong capital position of $37,627,418 or 12.11% of assets, more than twice the level required by federal regulations.
The association has a reputation as a strong, well-capitalized thrift having earned a "five-star institution" rating from Bauer Financial Reports, an independent financial analyst for more than twenty consecutive years.
In addition, First Shore Federal received a rating of "outstanding", the highest rating available from the Office of the Controller of the Currency, in its most recent Community Reinvestment Act (CRA) examination. "The bank's community development activities, as a whole, demonstrate excellent responsiveness to the community development needs of its assessment area..." according to the report.
The association is active in numerous community programs and enhanced its reputation as a leading corporate citizen as it received the first-ever Maryland Business Philanthropy Award from the Maryland Chamber of Commerce. First Shore Federal was one of three businesses to receive this impressive award in November 2000. The association was recognized as Small Business of the Year by the Salisbury Area Chamber of Commerce in 1999 and the Fruitland Chamber of Commerce in 2007.
In 2010, the association received a community service award from the Community Foundation of the Eastern Shore in appreciation for the association's support of community activities for many years. The association received the "Spirit of the Shore" award as the outstanding corporate supporter of the United Way in 2011.