EASTON, Md., April 24, 2019 /PRNewswire/ -- Shore
Bancshares, Inc. ("the Company") (NASDAQ: SHBI) announced today
that it had received a non-objection letter from the Federal
Reserve Bank of Richmond to allow the Board to authorize management
to repurchase its common stock. Under the new repurchase program,
management is authorized to repurchase up to $10.0 million, or approximately 5%, of the 12.8
million outstanding shares of the Company's common stock. The
program may be limited or terminated at any time without prior
notice. The program will expire on December 31, 2020.
Lloyd L. "Scott" Beatty, Jr., President and Chief Executive
Officer stated, "We believe that the current market price of the
Company's stock does not accurately reflect our franchise
value. Our strong capital levels and solid operating results
provide us the flexibility to repurchase shares, which is an
efficient way to deploy capital, creating long-term shareholder
value."
Under the stock repurchase program, shares of common stock may
be repurchased by the Company from time to time in open market
transactions or in privately negotiated transactions as permitted
under applicable rules and regulations. Repurchases may be
conducted, suspended, or terminated at any time without
notice. The extent to which the Company repurchases its
shares and the timing of such repurchases will depend upon market
conditions and other considerations as may be considered in the
Company's sole discretion. Repurchases may also be made pursuant to
a trading plan under Rule 10b5-1 under the Exchange Act, which
would permit shares to be repurchased when the Company might
otherwise be precluded from doing so because of self-imposed
trading blackout periods or other regulatory restrictions.
Shore Bancshares Information
Shore Bancshares 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 Shore United Bank. Shore Bancshares engages in trust and
wealth management services through Wye Financial & Trust, a
division of Shore United Bank. Additional information is
available at www.shorebancshares.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements (as defined by the Private
Securities Litigation Reform Act of 1995) based on management's
current expectations and beliefs concerning future developments and
their potential effects on the Company. Such statements involve
inherent risks and uncertainties, many of which are difficult to
predict and are generally beyond the control of the Company. There
can be no assurance that future developments affecting the Company
will be the same as those anticipated by management. These
statements are evidenced by terms such as "anticipate," "estimate,"
"should," "expect," "believe," "intend," and similar expressions.
Although these statements reflect management's good faith beliefs
and projections, they are not guarantees of future performance and
they may not prove true. These projections involve risk and
uncertainties that could cause actual results to differ materially
from those addressed in the forward-looking statements. For a
discussion of these risks and uncertainties, see the section of the
periodic reports filed by Shore Bancshares, Inc. with the
Securities and Exchange Commission entitled "Risk Factors".
The Company specifically disclaims any obligation to update any
factors or to publicly announce the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
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SOURCE Shore Bancshares, Inc.