SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) September 3, 1998
SHORE BANCSHARES, INC.
(Exact name of Registrant as specified in Charter)
Maryland 000-22345 52-1974638
(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
incorporation)
109 North Commerce Street, Centreville, MD 21617
(Address of Principal Executive Offices/Zip Code)
Registrant's telephone number, including area code: (410) 758-1600
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On September 3, 1998, Shore Bancshares, Inc. issued a press release
entitled "Shore Bancshares Purchases Stock and Announces Cash Dividend" a copy
of which is attached to this Current Report on Form 8-K as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SHORE BANCSHARES, INC.
Date: September 4, 1998 By: /s/Daniel T. Cannon
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Daniel T. Cannon
President
F6193.600
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EXHIBIT INDEX
Exhibit
Number Description of Exhibit Page
- ------ ---------------------- ----
99.1 Press Release entitled "Shore Bancshares Purchases Stock 4
and Announces Cash Dividend"
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Exhibit 99.1
FOR RELEASE
Daniel T. Cannon
President
410-758-1600
SHORE BANCSHARES PURCHASES STOCK AND ANNOUNCES CASH DIVIDEND
Centreville, MD - September 3, 1998 - Shore Bancshares, Inc., Centreville,
Maryland, the parent holding company of The Centreville National Bank of
Maryland, announced today that the Company has agreed to repurchase 101,332
shares, or approximately 5.0%, of its outstanding common stock at a price of
$27.75 per share.
Daniel T. Cannon, President of the Company, stated "Among other reasons, the
Board of Directors and management believe that it is in the best interest of the
Company and its stockholders to repurchase the stock in view of the Company's
high level of capital, and to lessen the dilutive effect of the stock-based
employee and incentive plans which were approved by the stockholders at the
Company's Annual Meeting in April, 1998. The Company's purchase of its own stock
increases each stockholder's percentage of ownership of the Company."
The Company owns all of the outstanding stock of The Centreville National Bank
of Maryland, a national banking association organized in 1876. The Bank conducts
business from its main office in Centreville, Maryland, and has 4 branch offices
located in Centreville, Stevensville, Hillsboro, and Chestertown. As of June 30,
1998, Shore Bancshares, Inc. reported total assets of $178,651,000 and net
income for the year to date of $1,022,000.
The Board of Directors also announces that a cash dividend has been declared in
the amount of $0.12 per share, payable on September 18, 1998 to stockholders of
record on September 10, 1998.
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