Severn Bancorp, Inc. Announces Dividend

Rhea-AI Summary

Severn Bancorp (NASDAQ: SVBI) announced a cash dividend of $0.04 per share of common stock, payable on September 15, 2020, to shareholders on record as of September 8, 2020. The company's CEO Alan J. Hyatt stated that Severn remains profitable with strong demand for both residential and commercial lending services. The company has been committed to serving the Anne Arundel County market with a focus on community banking.

Positive

• Declared a cash dividend of $0.04 per share.
• Continues to be profitable amidst strong residential and commercial lending demand.

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• None.

ANNAPOLIS, Md., Aug. 26, 2020 /PRNewswire/ -- Severn Bancorp, Inc. (the Company) (NASDAQ: SVBI), 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.

Alan J. Hyatt, President and Chief Executive Officer said, "The Company remains profitable and looks forward to continuing success as Severn Bank remains committed to serving the Anne Arundel County market with full community banking services.  Residential and commercial lending demand remains strong."

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, 2019.

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SOURCE Severn Bancorp, Inc.

FAQ

What is the dividend amount announced by Severn Bancorp (SVBI)?

Severn Bancorp announced a cash dividend of $0.04 per share.

When is the dividend payment date for SVBI?

The dividend will be payable on September 15, 2020.

What is the record date for the Severn Bancorp dividend?

The record date for the dividend is September 8, 2020.

Is Severn Bancorp (SVBI) profitable?

Yes, Severn Bancorp reported that it remains profitable.

What services does Severn Bank offer?

Severn Bank offers a wide array of personal and commercial banking products, including residential and commercial mortgage lending.