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SOURCE Severn Bancorp Inc.
ANNAPOLIS, Md., Sept. 11, 2013 /PRNewswire/ -- Severn Bancorp, Inc., (Nasdaq: SVBI) ("the Company") parent company of Severn Savings Bank, FSB ("Severn"), today announced that the U.S. Department of Treasury plans to auction all of its preferred shares previously issued by the Company in 2008, as part of the Company's participation in the Troubled Asset Relief Program ("TARP").
"We were grateful to have been chosen as one of the financial institutions sound enough to participate in the original TARP program," stated Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, "While we were fortunate to never have the need to utilize the funds, it was a comfort during the financial crisis to have a safety net. We look forward to working with the new owner of the shares for the mutual benefit of both of our interests."
About Severn Savings 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 assets of approximately $840 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland. 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.
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