Severn Bancorp Reports Treasury Auction of TARP Shares
ANNAPOLIS, Md., Sept. 11, 2013
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
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
SOURCE Severn Bancorp Inc.
Contact: Thomas G. Bevivino, Chief Operating Officer & Executive Vice
President, firstname.lastname@example.org, 410.260.2000
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