Exhibit 99.1
PRESS RELEASE
For Immediate Release - December 1, 2000
FOR MORE INFORMATION, CONTACT:
W. Moorhead Vermilye - President and Chief Executive Officer, Shore Bancshares,
Inc. (410) 822-1400
Daniel Cannon - Executive Vice President and Chief Operating Officer, Shore
Bancshares, Inc. (410) 758-1600
TALBOT BANCSHARES AND SHORE BANCSHARES
COMPLETE MERGER
Easton, Maryland, December 1, 2000 - Talbot Bancshares, Inc. (OTC BB:TABS.OB)
and Shore Bancshares, Inc. (OTC BB:SHBI.OB), headquartered in Easton, Maryland,
announced today that they have completed the merger of Talbot Bancshares into
Shore Bancshares. The acquisition was completed today following approval by
stockholders of both companies.
Under the terms of the merger agreement, stockholders of Talbot Bancshares
received 2.85 shares of Shore Bancshares common stock for each share of Talbot
Bancshares common stock, with fractional shares paid in cash. The exchange ratio
will result in the issuance of up to 3,407,272 new shares of Shore Bancshares
common stock in exchange for all 1,195,534 shares of Talbot Bancshares.
"The merger of Talbot Bancshares and Shore Bancshares creates a premier banking
and financial services company headquartered on the Maryland Eastern Shore,"
commented W. Moorhead Vermilye, former President of Talbot Bancshares and the
new President and Chief Executive Officer of Shore Bancshares. "Although we are
merging our holding companies, our subsidiary banks will operate independently
in the communities they serve."
Daniel T. Cannon, former President and new Executive Vice President and Chief
Operating Officer of Shore Bancshares, noted, "this merger will allow The Talbot
Bank of Easton, Maryland and The Centreville National Bank of Maryland the
opportunity to provide their customers more convenience and a broader array of
financial services."
This news release contains, among other things, certain forward-looking
statements regarding the combined company following the merger. Such
forward-looking statements involve certain risks and uncertainties, including a
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variety of factors that may cause the combined company's actual results to
differ materially from the anticipated results or other expectations expressed
in such forward-looking statements.
Shore Bancshares, now headquartered in Easton, Maryland, is a two-bank holding
company and parent company of The Talbot Bank of Easton, Maryland, a commercial
bank providing general commercial banking services in Talbot and Dorchester
Counties in Maryland, and The Centreville National Bank of Maryland, a national
banking association operating five full service branch offices serving Queen
Anne's, Caroline and Kent Counties in Maryland. The banks provide a full range
of financial services to individuals, business and other organizations. Shore
Bancshares' Common Stock is quoted on the OTC Bulletin Board under the symbol
"SHBI".
