Attached files
| file | filename |
|---|---|
| 8-K - SHORE BANCSHARES INC | v205381_8-k.htm |
Exhibit
99.1
Shore
Bancshares, Inc.
18
E. Dover Street
Easton,
Maryland 21601
Phone
410-822-1400
PRESS
RELEASE
Beatty promoted to President
of Shore Bancshares, Inc.
EASTON,
Md., Dec. 13, 2010 – The Board of Directors of Shore Bancshares, Inc. (Nasdaq:
SHBI) today announced Lloyd L. “Scott” Beatty, Jr., 58, Executive Vice President
and Chief Operating Officer, has been promoted to President and Chief Operating
Officer of the company, effective January 1, 2011. In his capacity as President,
he will succeed W. Moorhead Vermilye, 70, who will remain Chief Executive
Officer.
“Our
organization has been implementing a careful strategic management succession
plan over the past several years,” said Christopher F. Spurry, Chairman of the
Board of Shore Bancshares, Inc. “As the dominant independent banking and
financial services company headquartered on the DelMarVa peninsula, we
understand that locally-developed talent is the key to understanding our
customers, our markets, and driving our diverse company forward to the next
level. Scott Beatty clearly understands our mission . . . and he and Moorhead
have worked very closely together for a long time to successfully advance our
goals. We know these two leaders will continue to do so effectively as our
succession plan evolves. Moorhead Vermilye and Scott Beatty have interacted
professionally for nearly thirty years and have proven to be a highly compatible
senior management pair with complementary styles and technical skills.
”
Mr.
Beatty has served as a Director of Shore Bancshares, Inc. since December 2000.
He has been a Director of lead subsidiary The Talbot Bank of Easton, Maryland
since 1992. Mr. Beatty’s previous position as EVP and COO is one he has held
since August 2007. Prior to that, Mr. Beatty served as Vice President and COO
since July 2006 and as Vice President since October 2004. Before
joining the company, Mr. Beatty was the Chief Operating Officer of Darby
Overseas Investments, LP, a global private equity firm, and President of Darby
Advisors, Inc., a privately held family investment business, from 1998 to 2005.
Mr. Beatty was also a practicing Certified Public Accountant for 25 years and a
principal in the accounting firm Beatty, Satchell & Company, headquartered
in Easton, MD, from 1977 to 1998.
Mr.
Vermilye has served as a President, Chief Executive Officer and Director of
Shore Bancshares, Inc. since December 2000. He has also served as Director of
Talbot Bank of Easton, Maryland since 1977 and as a Director of The Felton Bank,
a wholly-owned subsidiary of the Company, since 2004. From 1988 until July 2006,
Mr. Vermilye also served as the President and Chief Executive Officer of Talbot
Bank. From 1970 to 1988, Mr. Vermilye was a Principal in Bartlett, Griffin &
Vermilye Insurance Agency, located in Easton, Maryland. Mr. Vermilye has served
on the boards of numerous community based organizations within Talbot County and
the Mid-Shore during his career.
Shore Bancshares
Information
Shore
Bancshares, Inc. is a financial holding company headquartered in Easton,
Maryland and is the largest independent bank holding company located on
Maryland’s Eastern Shore. It is the parent company of three banks,
The Talbot Bank of Easton, Maryland, CNB, and The Felton Bank; three insurance
producer firms, The Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and
Jack Martin and Associates, Inc; a wholesale insurance company, TSGIA, Inc; two
insurance premium finance companies, Mubell Finance, LLC and ESFS, Inc; and a
registered investment adviser firm, Wye Financial Services,
LLC. Shore Bancshares, Inc. engages in the mortgage broker business
under the name “Wye Mortgage Group” through a minority series investment in an
unrelated Delaware limited liability company. Additional information
is available at www.shbi.net.
For
further information contact: W. Moorhead Vermilye, President and CEO,
410-822-1400