Severn Bancorp Inc. / SVBI

About Severn Bancorp Inc.

200 Westgate Cir., Suite 200, Annapolis, Md. 21401
www.severnbank.com | 410-260-2000 | Founded: 1946

Industry: Banking | Category: Banks

Severn has been around since 1946, starting as a small building and loan association in Baltimore's Greek-oriented Highlandtown neighborhood. In the early 1980s it was taken over by Annapolis real estate attorney, and Severn chairman, Alan J. Hyatt and his father, Louis. In the last few years it has seen rapid growth as the Anne Arundel real estate market boomed. Its shares first began trading publicly in 2000 at less than $4 a share; after several splits, their value has ballooned.
Severn has only three branches. It has a residential brokerage subsidiary. Most of the single-family mortgages it originates are sold to outside investors.
"We're more or less real estate lenders, plain and simple," said executive vice president Melvin E. Meekins Jr., who has been with the thrift for 23 years. "We're fortunate to be in a very affluent region, where the real estate market has been very strong."
When Meekins was hired, Severn had $7 million in assets. Today, it has more than $860 million and a market value of about $180 million.
The company is building a new headquarters in Annapolis that will also serve as its fourth branch. Meekins said Severn will spruce up its office decor in the new space. "You know how Class A office space is the best? We're used to Class B or C space," Meekins said. "We're used to warehouse space, frankly. The new offices will be an upgrade."

President and chairman: Alan J. Hyatt

2005 Financial Data

Net Income: $14,554,000
Asssets: $845,695,000 | Earnings Per Share: $1.75
Stockholder Equity: $72,712,000 | Annual Dividend: $0.24
Total employees: 115 | Local employees: 115