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 ($0.05) per share of common stock will be payable
on September 15, 2021 to shareholders
of record at the close of business on September 3, 2021.
"Despite the continuing efforts to move forward with the merger
of the Company and Shore Bancshares, Inc., net income was
sufficient to allow the Company to once again pay a five cent ($.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.