Severn Bancorp, Inc. Announces Dividend
Severn Bancorp (NASDAQ: SVBI) declared a cash dividend of $0.05 per share, payable on September 15, 2021, to shareholders of record by September 3, 2021. Despite ongoing merger efforts with Shore Bancshares, the company reported sufficient net income to maintain this dividend. The Bank continues to expand its loan portfolio and banking relationships in the community, anticipating enhanced services for customers post-merger, expected to conclude in Q4 2021.
- Declared a cash dividend of $0.05 per share, indicating financial stability.
- Sufficient net income supports continuity in dividend payments.
- Anticipated merger with Shore Bancshares expected to enhance service offerings.
- None.
ANNAPOLIS, Md., Aug. 24, 2021 /PRNewswire/ -- Severn Bancorp, Inc. (the Company) (NASDAQ: SVBI), the parent company of Severn Bank (the Bank) announced that the Board of Directors declared a cash dividend to its shareholders. The cash dividend of five cents (
"Despite the continuing efforts to move forward with the merger of the Company and Shore Bancshares, Inc., net income was sufficient to allow the Company to once again pay a five cent ($.05) dividend. The Bank continues to generate loans and new banking relationships in our market and looks forward to expanded services for its customers post-merger, which we anticipate concluding in the fourth quarter of this year," said Alan J. Hyatt, Chief Executive Officer.
About Severn Bank: Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has seven branches located in Annapolis, Crofton, Edgewater, Glen Burnie, Lothian/Wayson's Corner, and Severna Park. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com.
Forward Looking Statements
In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements contained herein include, but are not limited to, those with respect to management's determination of the amount of loan loss reserve and statements about the economy. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "could," "should," "guidance," "potential," "continue," "project," "forecast," "confident," and similar expressions are typically used to identify forward-looking statements. Severn's operations and actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn's general market area, federal and state regulation, competition and other factors detailed from time to time in Severn's filings with the Securities and Exchange Commission (the "SEC"), including "Item 1A. Risk Factors" contained in Severn's Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
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SOURCE Severn Bancorp, Inc.
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