Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): December 13,
2010
SHORE BANCSHARES,
INC.
(Exact
name of registrant as specified in its charter)
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Maryland
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0-22345
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52-1974638
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(State
or other jurisdiction of
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(Commission
file number)
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(IRS
Employer
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incorporation
or organization)
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Identification
No.)
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18 East Dover Street,
Easton, Maryland 21601
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (410)
822-1400
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR240.13e-4(c))
INFORMATION
TO BE INCLUDED IN THE REPORT
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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On December 13, 2010, the Board of
Directors of Shore Bancshares, Inc. (the “Company”) announced that Lloyd L.
“Scott” Beatty, Jr., age 58, will be promoted to the office of President of the
Company effective January 1, 2011. Mr. Beatty will continue to serve
as the Company’s Chief Operating Officer. W. Moorhead Vermilye, age
70, who currently serves as the President and Chief Executive Officer, will
continue to serve as the Chief Executive Officer. A copy of the
Company’s December 13, 2010 press release announcing the promotion is filed
herewith as Exhibit 99.1 and incorporated herein by reference.
Mr. Beatty has served as a director of
the Company since December 2000 and as a director of its lead subsidiary, The
Talbot Bank of Easton, Maryland, since 1992. Since August 2007, Mr.
Beatty has also served as the Executive Vice President and Chief Operating
Officer of the Company. Between July 2006 and August 2007, Mr. Beatty
served as Vice President and Chief Operating Officer, and he served as Vice
President between October 2004 and July 2006. Before joining the
Company, Mr. Beatty was the Chief Operating Officer of Darby Overseas
Investments, LP, a global private equity firm, and the 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, Maryland, from 1977 to 1998.
The succession discussed above will not
involve any changes to, or new grants or awards under, any compensatory
arrangement with Messrs. Beatty or Vermilye. The compensatory
arrangements to which Messrs. Beatty and Vermilye are parties are discussed in
the Company’s definitive proxy statement for the 2010 annual meeting that was
filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2010
and in the Company’s Current Report on Form 8-K that was filed with the SEC on
April 21, 2010.
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Item
9.01
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Financial Statements and
Exhibits.
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(d) Exhibits:
Exhibit
99.1 – Press release dated December 13, 2010 (filed herewith).
SIGNATURES
Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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SHORE
BANCSHARES, INC.
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Date: December
13, 2010
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By:
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/s/ W.
Moorhead Vermilye |
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W.
Moorhead Vermilye
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President
and CEO
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EXHIBIT
INDEX
Exhibit
Number Description
99.1 Press
release dated December 13, 2010 (filed herewith).