Beatty Promoted to Chief Executive Officer of Shore Bancshares, Inc.
EASTON, Md., April 16, 2013
EASTON, Md., April 16, 2013 /PRNewswire/ --The Board of Directors of Shore
Bancshares, Inc. (NASDAQ: SHBI) today announced that Lloyd L. "Scott" Beatty,
Jr., 60, President and Chief Operating Officer, has been promoted to Chief
Executive Officer of the company, effective June 1, 2013. In this new
capacity, Mr. Beatty also will continue to serve as President of the bank
holding company, succeeding W. Moorhead Vermilye, 72.
Mr. Vermilye will remain a director of both the parent company, Shore
Bancshares, Inc., and its lead subsidiary, The Talbot Bank of Easton,
Maryland. He will formally become Senior Business Development Officer of
Talbot Bank and will also hold responsibility for directing the holding
company's strategic corporate citizenship; community outreach and employee
volunteer efforts across the Delmarva markets. Over his career, Mr. Vermilye
has been a tireless supporter of many community-based charities. "It is our
expectation that Moorhead will continue this meaningful work and perhaps even
expand his work and that of the company with local organizations like Shore
Health System and the Mid Shore Community Foundation," 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 the best path forward for our
diverse company. Scott Beatty clearly understands our mission and he and
Moorhead have worked very closely together for a long time to successfully
pursue our goals," said Mr. Spurry.
"This transition is a milestone in our strategic management succession plan
and is also well-deserved recognition for Scott, whose tireless efforts over
the past few years have been instrumental in navigating the company through
the most difficult operating environment in our history. We are also very
fortunate to be able to continue to benefit from Moorhead's highly influential
stature in our communities as he is very committed to continuing on a
full-time basis to actively represent this company in so many valuable ways,"
Mr. Beatty has served as a Director of Shore Bancshares, Inc. since December
2000. He has been a Director of Talbot Bank 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 President, Chief Executive Officer and Director of
Shore Bancshares, Inc. since December 2000. He has also served as Director of
Talbot Bank since 1977. 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.
SOURCE Shore Bancshares, Inc.
Contact: Lloyd L. "Scott" Beatty, Jr., President and Chief Operating Officer,
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