Partners Bancorp Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Partners Bancorp (NASDAQ: PTRS) announced the granting of 29,412 shares of common stock each to new executives David A. Talebian and Adam G. Nalls as inducements for their acceptance of employment. This decision was sanctioned by the Board of Directors on April 28, 2021, following their appointments on December 7, 2020. The Bank operates under Virginia Partners Bank and The Bank of Delmarva, with a focus on providing superior customer service through multiple branches in Maryland and Virginia.

Positive

• Granting of shares to new executives may enhance leadership commitment and align interests with shareholders.

Negative

• Issuing new shares could result in potential shareholder dilution.

FREDERICKSBURG, Va., May 04, 2021 (GLOBE NEWSWIRE) -- Virginia Partners Bank (the “Bank”) and its parent company, Partners Bancorp (NASDAQ: PTRS), announced that, in connection with the hiring of David A. Talebian as President of the Bank and Adam G. Nalls as Executive Vice President and Chief Operating Officer of the Bank on December 7, 2020, the Board of Directors of Partners Bancorp on April 28, 2021 authorized the grant of 29,412 shares of Partners Bancorp common stock to each of Mr. Talebian and Mr. Nalls in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements material to each of them accepting employment with the Bank.

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. 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.bankofdelmarvahb.com and www.vapartnersbank.com.

For further information, please contact Lloyd B. Harrison, III, Chief Executive Officer, at 540-899-2234, John W. Breda, President and Chief Operating Officer, at 410-548-1100 x18112, J. Adam Sothen, Chief Financial Officer, at 540-322-5521, or Betsy Eicher, Chief Accounting Officer, at 667-253-2904.

FAQ

What did Partners Bancorp announce on April 28, 2021?

On April 28, 2021, Partners Bancorp announced the grant of shares to new executives as employment inducements.

Who are the new executives hired by Partners Bancorp?

The new executives are David A. Talebian as President and Adam G. Nalls as Executive Vice President and COO.

What is the stock symbol for Partners Bancorp?

The stock symbol for Partners Bancorp is PTRS.

When were David A. Talebian and Adam G. Nalls appointed?

David A. Talebian and Adam G. Nalls were appointed on December 7, 2020.

How many shares were granted to each new executive by Partners Bancorp?

Each new executive was granted 29,412 shares of common stock.