EASTON — Shore Bancshares, Inc. announced Thursday that the board of directors has declared a quarterly common stock dividend in the amount of $0.02 per share, payable Aug. 31, 2015 to stockholders of record on Aug. 17. Prior to this announcement, a dividend was last declared Feb. 2, 2012. Additionally, the Board also approved a change to the form of annual retainers received by the Company’s directors who are not also Company employees or employees of the Company’s bank subsidiaries (outside directors).
Currently, outside directors receive an aggregate annual retainer of$20,000 per director, $25,000 for outside directors who serve as chairs, which is paid in quarterly installments. Commencing with the annual retainer installment for the quarter ended September 30, 2015, outside directors will be given the option to receive their quarterly installment of the annual retainer either in cash or in stock issued pursuant to the Shore Bancshares, Inc. 2006 Stock and Incentive Compensation Plan.
“We have been listening to our valued shareholders express their desires for restoring the dividend and we are now at the point as a company to reward their patience,” said Lloyd L. “Scott” Beatty Jr., president and chief executive officer. “Although the amount of the dividend is not at the level we hope to achieve, this is a step in the right direction.”
Shore Bancshares, Inc. is a financial holding company headquartered in Easton and is the largest independent bank holding company on Maryland’s Eastern Shore. It is the parent company of two Maryland chartered commercial banks, The Talbot Bank of Easton and CNB; three insurance producer firms, The Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin and Associates, Inc.; and an insurance premium finance company, Mubell Finance, LLC. Shore Bancshares, Inc. engages in the trust services business through the trust department at CNB under the name “Wye Financial & Trust”.