Partners Bancorp announced that, as planned, John W. Breda has succeeded Lloyd B. Harrison, III as CEO. Partners operates a group of financial institutions that include the Bank of Delmarva, Seaford.
In addition, the company announced that Harrison will serve as Senior Executive Vice President. In these roles, Breda and Harrison will work together on the Company’s review of all strategic alternatives. Partners’ share price is down about 7% year over year.
Earlier, New Jersey-based OceanFirst Financial Corp. and Partners agreed to drop a planned merger. Reasons for the merger decision were not announced. The parting was amicable, with neither bank paying a break-up fee. OceanFirst is a mid-sized regional bank.
Breda continues to serve as CEO of The Bank of Delmarva, and Harrison continues to serve as CEO of Virginia Partners Bank.
Partners Bancorp is the holding company for The Bank of Delmarva and Virginia Partners Bank. The Bank of Delmarva’s main office is in Seaford and it conducts full-service commercial banking through 11 branch locations in Maryland and Delaware, and three branches, operating under the name Liberty Bell Bank, in the South Jersey/Philadelphia metro market.
Virginia Partners Bank, headquartered in Fredericksburg has three branches in Fredericksburg and operates a full service branch and commercial banking office in Reston. 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, and a Loan Production Office in Annapolis.
Virginia Partners Bank also owns a controlling stake in Johnson Mortgage Company, LLC, which is a residential mortgage company headquartered in Newport News, VA, with branch offices in Fredericksburg and Williamsburg.
