Partners Bancorp Announces Completion of CEO Transition
08 Diciembre 2022 - 7:00AM
Partners Bancorp (NASDAQ: PTRS) (the “Company”), the parent company
of The Bank of Delmarva, Seaford, Delaware, and Virginia Partners
Bank, Fredericksburg, Virginia, announced that, as planned, John W.
Breda has succeeded Lloyd B. Harrison, III as Chief Executive
Officer of the Company (the “CEO Transition”). In addition, the
Company announced that Mr. Harrison will serve as Senior Executive
Vice President of the Company. In these executive roles, Mr. Breda
and Mr. Harrison will work together on the Company’s review of all
strategic alternatives available to the Company to enhance returns
to shareholders and other special strategic projects.
Mr. Breda continues to serve as President and
Chief Executive Officer of The Bank of Delmarva, and Mr. Harrison
continues to serve as Chief Executive Officer of Virginia Partners
Bank. The CEO Transition was completed in accordance with the terms
of Mr. Breda’s and Mr. Harrison’s employment agreements with the
Company, as amended.
“On behalf of the Board of Directors, I want to
thank Lloyd for his excellent service as the Company’s CEO and his
leadership following the combination of Virginia Partners Bank and
The Bank of Delmarva that created Partners Bancorp,” said Jeffrey
F. Turner, Chairman of the Company’s Board of Directors. “The
Company is very fortunate that Lloyd will continue as a senior
executive of the Company focused on our strategic planning
process.”
Mr. Turner continued, “We are confident that
John Breda will serve the Company’s shareholders, customers and
employees exceptionally well as CEO. John’s leadership and banking
experience will be critical to the Company’s strategic planning
process and then to executing on that strategic plan.”
About Partners Bancorp
Partners Bancorp is the holding company for The
Bank of Delmarva and Virginia Partners Bank. The Bank of Delmarva
commenced operations in 1896. The Bank of Delmarva’s main office is
in Seaford, Delaware and it conducts full service commercial
banking through eleven branch locations in Maryland and Delaware,
and three branches, operating under the name Liberty Bell Bank, in
the South Jersey/Philadelphia metro market. The Bank of Delmarva
focuses on serving its local communities, knowing its customers and
providing superior customer service. Virginia Partners Bank,
headquartered in Fredericksburg, Virginia, was founded in 2008 and
has three branches in Fredericksburg, Virginia and operates a full
service branch and commercial banking office in Reston, Virginia.
In Maryland, Virginia Partners Bank trades under the name Maryland
Partners Bank (a division of Virginia Partners Bank), and operates
a full service branch and commercial banking office in La Plata,
Maryland and a Loan Production Office in Annapolis, Maryland.
Virginia Partners Bank also owns a controlling stake in Johnson
Mortgage Company, LLC, which is a residential mortgage company
headquartered in Newport News, Virginia, with branch offices in
Fredericksburg and Williamsburg, Virginia. For more information,
visit www.partnersbancorp.com, www.bankofdelmarvahb.com and
www.vapartnersbank.com.
For further information, please contact John W.
Breda, Chief Executive Officer, President and Chief Operating
Officer, at 410-548-1100 x10233, Lloyd B. Harrison, III, Senior
Executive Vice President, at 540-899-2234, J. Adam Sothen, Chief
Financial Officer, at 540-322-5521, or Betsy Eicher, Chief
Accounting Officer, at 667-253-2904.
Forward-Looking Statements
Certain statements in this press release may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that include, without limitation,
projections, predictions, expectations, or beliefs about future
events or results that are not statements of historical fact,
including statements about the Company’s strategic planning
process. These forward-looking statements are based on the beliefs
of the Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management. These
statements are inherently uncertain, and there can be no assurance
that the underlying assumptions will prove to be accurate. Actual
results could differ materially from those anticipated or implied
by such statements. These risks and uncertainties should be
considered in evaluating the forward-looking statements contained
herein, and readers are cautioned not to place undue reliance on
any forward-looking statements, which speak only as of the date of
this release. For additional information on risk factors that could
affect the forward-looking statements contained herein, see the
Company’s Annual Report on Form 10-K for the year ended December
31, 2021, Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2022, June 30, 2022, and September 30, 2022, and other
reports filed with the Securities and Exchange Commission.
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