Press Releases

Cecil Bank Appoints J. Scott Sturgill as its Chief Lending Officer   

ELKTON, MD, July 18, 2018 – The Board of Directors of Cecil Bank, (the “Bank”), appointed J. Scott Sturgill to the position of Executive Vice President and Chief Lending Officer.  Mr. Sturgill will immediately assume his duties, reporting directly to the President and CEO, Terrie G. Spiro.

Mr. Sturgill will be responsible for developing and growing business within the Bank’s primary and secondary markets as well as managing the lending division of Cecil Bank.   

Mr. Sturgill is a Maryland native who has spent over 30 years in banking within the Maryland and Pennsylvania areas; primarily in commercial lending, loan administration and in senior credit positions.  He also has served in executive positions where he has been responsible for managing a $90 million loan portfolio and originating new business loans and developing and maintaining loan portfolios.  

Upon announcing Mr. Sturgill’s appointment, Ms. Spiro commented, “Scott’s extensive executive level experience, combined with his passion for community banking, will make him a valuable addition to Cecil Bank’s team.”

Mr. Sturgill has an excellent reputation and is well known as a banker but especially within the communities of Cecil and Harford Counties. Mr. Sturgill has long been involved in these same communities in many civic and business organizations and currently serves on the Business and Education Advisory Council (BEPAC) for Cecil County Public Schools.  He formerly served on various boards including the Cecil County Chamber of Commerce and Upper Bay Counseling and Support Services.  Scott graduated from Towson University with a BA in Finance, Accounting and Economics. 

Cecil Bank Announces Termination of Prompt Corrective Action Directive by Board of Governors of the Federal Reserve System Effective December 13, 2017

ELKTON, MD, December 19, 2017 – Cecil Bank, a wholly-owned subsidiary of Cecil Bancorp, Inc., today announced receipt of notice from the Board of Governors of the Federal Reserve System, Washington,

D.C., terminating the Prompt Corrective Action Directive (PCA) issued August 7, 2015. The termination of this directive indicates that Cecil Bank has an acceptable level of regulatory capital pursuant to the Board of Governors.

Cecil Bancorp, Inc. recently completed a capital offering in the amount of $30.2 million in additional equity capital as of October 26, 2017. Proceeds of $24.7 million were down-streamed into Cecil Bank, resulting in Cecil Bank and Cecil Bancorp, Inc. being well capitalized pursuant to standards issued by the Board of Governors of the Federal Reserve System.

In announcing the news, Terrie G. Spiro, President and Chief Executive Officer of Cecil Bancorp, Inc. and Cecil Bank commented, “With the termination of the Prompt Corrective Action Directive (PCA) the Company, through its subsidiary, Cecil Bank, can fully focus on executing its new chapter of quality growth and regulatory compliance. The recently completed recapitalization and the termination of the PCA will position Cecil Bank for quality future growth through lending activities to its primary and secondary markets, expansion of its core deposits, and expansion of its customer base.”

About Cecil Bank

Cecil Bank serves both Cecil and Harford Counties with branches located in downtown Elkton, North East, Crossroads, Rising Sun, Conowingo, Cecilton, Fair Hill, Turkey Point and Havre de Grace. It is a full-service, community bank dedicated to serving the financial needs of consumers and businesses within its market area.


Cecil Bank Appoints Thomas L. Hotchkiss as its Chief Credit Officer 

ELKTON, MD, December 1, 2017 – The Board of Directors of Cecil Bank, (the “Bank”), appointed Thomas L. Hotchkiss to the position of Executive Vice President and Chief Credit Officer.  Mr. Hotchkiss will immediately assume his duties, reporting directly to the President and CEO, Terrie G. Spiro.

Mr. Hotchkiss will have primary responsibility for managing and monitoring all the credit risk activities of the Bank. He will be responsible for ensuring the safe and sound credit underwriting, operations and administration of the Bank’s consumer and commercial loan portfolios. 

Upon announcing Mr. Hotchkiss’ appointment, Ms. Spiro commented, “Tom is a proven leader and manager with exceptional expertise and experience in credit risk management. With the recent recapitalization of Cecil Bank and with a 2018 strategic plan that will focus on quality loan growth, having Tom as CB’s CCO will be a perfect complement to the execution of those plans.”

“I am excited for the opportunity to become a part of the permanent management team at Cecil Bank. The advent of new capital brings all new challenges to our organization.  We desire to expand and grow the lending function of the bank, integrate into the Cecil and Harford Counties and surrounding communities, while assisting in the creation of prosperity for the community’s citizens.”

Mr. Hotchkiss has over 40 years of experience in commercial finance and executive bank management. He has held numerous lending and credit positions in community banks and large regional banks in the mid-Atlantic region, including Senior Lending Officer, Senior Workout Officer, and Chief Credit Officer.  Mr. Hotchkiss has also managed the credit administration function, including board and regulatory reporting, and credit analysis and credit review groups.  Mr. Hotchkiss has served as an instructor with the Federal Reserve Bank’s Specialty Lending School, working with Federal, State, FDIC, and international banking regulators on the subject matters of Asset Based Lending and Problem Loan Management in nine Fed districts throughout the United States.

Mr. Hotchkiss is a 1977 graduate of the University of Richmond, E. Claiborne Robins School of Business.

Cecil Bancorp, Inc. Announces Completion of $30.2 Million

Capital Raise in Recapitalization of Cecil Bank

The Recapitalization of Cecil Bank will enable it to meet all regulatory capital requirements, build its balance sheet, and expand lending.

  •    $30.2 million in investment led by Hovde Group, LLP
  •    Re-appointment of Terrie G. Spiro as President & CEO and appointment as a new director of Cecil Bancorp, Inc. and Cecil Bank

ELKTON, MD, October 27, 2017 – Cecil Bancorp, Inc. (the “Company”), a bank holding company located in Elkton, Maryland, announced today the completion of a private placement transaction pursuant to which the Company issued an aggregate of 634,302,976 shares of its common stock at $0.04 per share and 120,447,024 shares of its non-voting common stock at $0.04 per share to investors for aggregate gross proceeds of approximately $30.2 million. The Company used substantially all of proceeds from the private placement to recapitalize its subsidiary bank, Cecil Bank (the “Bank”), to support its operations, to increase its capital ratios and to pursue increased market share, and for general corporate purposes.

Chairman of the Board, William H. Cole, IV, said, “This capital injection will restore the Bank to well- capitalized status, allowing us to once again focus on being a strong and secure community bank for the citizens of northeastern Maryland and surrounding areas.”

Terrie G. Spiro will continue to serve as President and Chief Executive Officer of both the Company and the Bank, and also become a director of the Company and the Bank effective as of the closing of the recapitalization. Ms. Spiro, a well-known CEO in the Mid-Atlantic, was recruited to the Bank in late 2013 to specifically execute a turnaround strategy for the Company and the Bank. Ms. Spiro also recruited a team of highly experienced bankers and bank consultants who were integral to the execution of the turnaround plan. Together with the Board, this team executed a plan to stabilize and then resolve significant issues at the Company and the Bank. 

Ms. Spiro has extensive banking expertise with 30 plus years of industry experience in the mid-Atlantic region. She has served as a CEO, bank director, board advisor, turnaround specialist, chief lender and commercial lender. Ms. Spiro has wide ranging CEO and executive level experience in multi-regional, regional and community bank environments. Additionally, she has a proven track record of creating shareholder value in both start-up and turnaround activities.

“We are pleased to announce the completion of this capital raise,” said Ms. Spiro. “This recapitalization represents an exciting new chapter in Cecil Bank’s 58 plus year history. We expect to focus our energies on executing a new growth plan in our primary and secondary markets. We are grateful for our new shareholders’ confidence in the need for community banks such as Cecil Bank, and we appreciate our loyal customers and dedicated team of employees. We look forward to providing new products and services to our existing customers and to introducing new customers to Cecil Bank’s excellent customer service.”

Hovde Group, LLC served as the exclusive sales agent for the private placement and as financial advisor to the Company and the Bank. Nelson Mullins Riley & Scarborough LLP and Troutman Sanders LLP served as legal counsel to the Company and the Bank.

About Cecil Bank

Cecil Bank serves both Cecil and Harford Counties with branches located in downtown Elkton, North East, Crossroads, Rising Sun, Conowingo, Cecilton, Fair Hill, Turkey Point and Havre de Grace. It is a full-service, community bank dedicated to serving the financial needs of consumers and businesses within its market area. 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company’s goals and expectations with respect to the capital raise, and (ii) statements preceded by, followed by, or that include the words “may”, “could”, “should”, “would”, “believe”, “anticipate “, “estimate “, “expect”, “intend”, “plan “, “projects”, “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). A/though the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward- looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that future events, plans, or expectations contemplated by Bancorp will be achieved. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward- looking statements are made. 

I hope we can count on your continued support as we continue to strive each and every day to provide you with the hometown service and offerings of a strong community bank partner. 

Thank you for your continued and valued business.


Terrie G. Spiro

President & CEO



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