UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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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 7.01Regulation FD Disclosure.
On February 24, 2021, Severn Bancorp, Inc. issued a press release announcing that the Board of Directors declared a cash dividend of five cents ($0.05) per share of common stock. The dividend is payable on March 15, 2021 to shareholders of record at the close of business on March 8, 2021. A copy of our press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits:
99.1 | Press Release of Severn Bancorp, Inc., dated February 24, 2021 announcing a cash dividend. |
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: February 24, 2021 | By: | /s/Vance W. Adkins |
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| Vance W. Adkins |
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| Executive Vice President & Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE | Contact: |
Severn Bancorp, Inc. Announces Dividend
Annapolis, MD, February 24, 2021 (PRNewswire) - Severn Bancorp, Inc. (NASDAQ: SVBI), the parent company of Severn Bank announced that the Board of Directors declared a 25% increase in the quarterly cash dividend to its shareholders. The cash dividend of five cents ($0.05) per share of common stock will be payable on March 15, 2021 to shareholders of record at the close of business on March 8, 2021.
Alan J. Hyatt, President and Chief Executive Officer said: “We are pleased to increase our dividend to our shareholders. This has been a challenging time for the economy, and Severn Bank has met the challenges. We continue to support our community through the second round of the PPP program for local businesses and we continue to offer a full range of banking services to our customers. Our priority continues to be delivering shareholder value and positioning this company for continued success.”
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.
Document and Entity Information |
Feb. 24, 2021 |
---|---|
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 24, 2021 |
Entity File Number | 0-49731 |
Entity Registrant Name | Severn Bancorp, Inc. |
Entity Incorporation, State or Country Code | MD |
Entity Tax Identification Number | 52-1726127 |
Entity Address State Or Province | MD |
Entity Address, Address Line One | 200 Westgate Circle, Suite 200 |
Entity Address, City or Town | Annapolis |
Entity Address, Postal Zip Code | 21401 |
City Area Code | 410 |
Local Phone Number | 260-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | SVBI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000868271 |
Amendment Flag | false |
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