Shore Bancshares (SHBI) in Easton, Md., has tapped a company veteran to become its chief executive.
Lloyd Beatty, the $1.2 billion-asset company's president and chief operating officer, will also become its CEO on June 1, Shore Bancshares said Tuesday. He will succeed W. Moorhead Vermilye, 72, who will remain on the company's board.
Vermilye will also become a senior business development officer at unit Talbot Bank, and he will continue to direct the company's community outreach and corporate citizenship initiatives.
Beatty, 60, has been a director of Shore Bancshares since 2000 and a director of Talbot Bank since 1992. He has been chief operating officer since 2006.
Vermilye became the company's president and CEO in 2000. He was also Talbot Bank's president and CEO from 1988 to 2006.
"This transition is a milestone in our strategic management succession plan and is also well-deserved recognition for [Beatty], whose tireless efforts over the past few years have been instrumental in navigating the company through the most difficult operating environment in our history," Christopher Spurry, the company's chairman, said in a press release.
Shore Bancshares has two banks in Maryland: the $713 million-asset Talbot in Easton and the $459 million-asset CNB in Centreville. Talbot
