Community News
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March 15, 2021
March 15, 2021A Letter to Our Customers
Dear Severn Bank Customer, Severn Bancorp, Inc., the parent company of Severn Bank, has entered into a merger agreement with Shore Bancshares, Inc. headquartered in Easton, Maryland, and the parent company of Shore United Bank. This will bring together Severn Bank and Shore United Bank. We will have an expanded community banking franchise, growing assets …
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March 3, 2021
March 4, 2021Shore Bancshares, Inc. and Severn Bancorp, Inc. Announce Execution of Merger Agreement Creates 3rd Largest Bank Headquartered in Maryland
Shore Bancshares, Inc., the holding company of Shore United Bank, and Severn Bancorp, Inc., the holding company of Severn Savings Bank, FSB, announced they have entered into a definitive agreement under which Severn will merge with and into Shore in a stock and cash transaction valued at approximately $146 million (including common stock and stock options), or $11.30 per share of Severn common stock, based on a closing price for Shore’s common stock of $15.64 as of March 2, 2021 and $1.59 per share in cash.
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February 24, 2021
March 4, 2021Severn Bancorp, Inc. Announces Dividend
Severn Bancorp, Inc., the parent company of Severn Bank announced that the Board of Directors declared a 25% increase in the quarterly cash dividend to its shareholders. The cash dividend of five cents ($0.05) per share of common stock will be payable on March 15, 2021 to shareholders of record at the close of business on March 8, 2021.
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February 1, 2021
February 3, 2021Severn Bancorp, Inc. Announces Fourth Quarter Earnings
Severn Bancorp, Inc. (the Company) (NASDAQ: SVBI), the parent company of Severn Bank (the Bank), reported net income of $2.5 million for the fourth quarter ended December 31, 2020 and $6.7 million for the year ended December 31, 2020 compared to $1.2 million and $8.3 million for the same periods in 2019. Earnings per share on a fully diluted basis were $0.20 for the fourth quarter and $0.52 per share for the year ended 2020, down from $0.09 and $0.64 per share, respectively, from the fourth quarter and year ended 2019.
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November 24, 2020
December 3, 2020Severn Bancorp, Inc. Announces Dividend
Severn Bancorp, Inc. (the Company), the parent company of Severn Bank (the Bank) announced that the Board of Directors approved a cash dividend to its shareholders. The cash dividend of four cents ($0.04) per share of common stock will be payable on December 15, 2020 to shareholders of record at the close of business on December 8, 2020.
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October 22, 2020
December 3, 2020Severn Bancorp, Inc. Announces Third Quarter Earnings
Severn Bancorp, Inc. (the Company), the parent company of Severn Bank (the Bank), reported net income of $1.9 million for the third quarter ended September 30, 2020 and $4.2 million for the nine months ended September 30, 2020 compared to $2.4 million and $7.2 million for the same periods in 2019. Earnings per share on a fully diluted basis were $0.15 for the third quarter and $0.33 per share for the first nine months of 2020, down from $0.19 and $0.56 per share, respectively, from the third quarter and first nine months of 2019.
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August 26, 2020
December 3, 2020Severn Bancorp, Inc. Announces Dividend
Severn Bancorp, Inc. (the Company), the parent company of Severn Bank (the Bank) announced that the Board of Directors approved a cash dividend to its shareholders. The cash dividend, of four cents ($0.04) per share of common stock, will be payable on September 15, 2020 to shareholders of record at the close of business on September 8, 2020.
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July 24, 2020
December 3, 2020Severn Bancorp, Inc. Announces Second Quarter Earnings
Severn Bancorp, Inc., the parent company of Severn Bank (the Bank), reported net income of $1.7 million for the second quarter ended June 30, 2020 and $2.3 million for the six months ended June 30, 2020 compared to $2.2 million and $4.8 million for the same periods in 2019. Earnings per share on a fully diluted basis were $0.14 for the second quarter and $0.18 per share for the first six months of 2020, down from $0.17 and $0.37 per share, respectively, from the second quarter and first six months of 2019.
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May 27, 2020
December 3, 2020Severn Bancorp, Inc. Announces Dividend
Severn Bancorp, Inc. (the Company), the parent company of Severn Bank (the Bank) today announced that the Board of Directors approved a cash dividend to its shareholders. The cash dividend of four cents ($0.04) per share of common stock, will be payable on June 19, 2020 to shareholders of record at the close of business on June 8, 2020.
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April 27, 2020
December 3, 2020Severn Bancorp, Inc. Announces First Quarter Earnings – Strong Noninterest Income Growth
Severn Bancorp, Inc. (the Company), the parent company of Severn Bank (the Bank), reported net income available to common shareholders for the first quarter ended March 31, 2020 of $565 thousand versus $2.6 million for the first quarter of 2019. Earnings per share on a fully diluted basis were $0.04 versus $0.20 for the quarters ended March 31, 2020 and 2019, respectively.