8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event report)  July 10, 2017

Severn Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland	0-49731	52-1726127
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

200 Westgate Circle, Suite 200, Annapolis, Maryland	21401
(Address of principal executive offices)	(Zip Code)

 

410-260-2000

(Registrant’s telephone number, including area code)

(Former name or former address, if change since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

Severn Bancorp, Inc., (Nasdaq: SVBI) (the “Company”) parent company of Severn Savings Bank, FSB (“Severn”), announced that it has entered into a definitive agreement to purchase Mid Maryland Title Company, a real estate settlement company that handles commercial and residential real estate settlements in Maryland. The purchase is subject to the completion of due diligence and is anticipated to close in September 2017.

A copy of the press release announcing the acquisition of Mid Maryland Title Company is attached as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Press release of Severn Bancorp, Inc. dated July 10, 2017.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Severn Bancorp, Inc.
Dated: July 10, 2017	By:	/Alan J. Hyatt/
		Alan J. Hyatt, President

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact:	Paul Susie
		Executive Vice President and
		Chief Financial Officer
		Email: psusie@severnbank.com
		Phone: 410.260.2000

Severn Bancorp, Inc. Announces Purchase of Title Company

Annapolis, MD (July 10, 2017) –Severn Bancorp, Inc., (Nasdaq: SVBI) (the “Company”) parent company of Severn Savings Bank, FSB (“Severn”), announced that it has entered into a definitive agreement to purchase Mid Maryland Title Company, a real estate settlement company that handles commercial and residential real estate settlements in Maryland. The purchase is subject to the completion of due diligence and is anticipated to close in September 2017.

This acquisition continues Severn Bancorp’s growth strategy and focus on being a full-service provider. Alan J. Hyatt, President and Chief Executive Officer commented, “Mid Maryland has provided great service for us in the past. Bringing them into the Bancorp family of companies allows us to offer the full spectrum of services. This addition will be a complement to our mortgage services, our commercial banking services and our commercial real estate services provided by our other subsidiary, Hyatt Commercial.”

Jerome Feldman, co-founder of Mid Maryland Title, said, “I have worked with Severn Bank for years and hold the staff in the highest regard. This merger is an excellent opportunity to bring the companies together to benefit the community.”

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 $799 million and operates five branches located in Annapolis, Edgewater, Glen Burnie, 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.

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