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 four branches, including a new $25 million, 82,000-square-foot headquarters that opened in March in downtown Annapolis. In the past few years, the company has had rapid growth, but as the Anne Arundel real estate market has stagnated, its loan growth and originations dropped about 20 percent last year. The bank's posted earnings last year were up 8 percent from 2005.
Last year, U.S. Banker magazine ranked Severn fifth on its annual list of the top 200 publicly traded community banks. The banks, which had less than $1 billion in assets, were ranked by three-year average return on equity. For the second consecutive year, Severn was also named top financial performer among the nation's 100 largest thrifts by analyst group SNL Financial.
Early this year, the bank launched a checking account in concert with the Chesapeake Bay Foundation. For each customer who opens a new personal Chesapeake Bay Account, Severn Bank will make a donation to the foundation.
President and chairman: Alan J. Hyatt
2006 Financial Data
Net Income: $15,748,000Asssets: $911,916,000 | Earnings Per Share: $1.72
Stockholder Equity: $86,442,000 | Annual Dividend: $0.24
Total employees: 121 | Local employees: 121
Did You Know
Severn Bancorp Inc.'s primary subsidiary is Severn Savings Bank FSB, a savings and loan that engages primarily in commercial and construction real estate lending. The firm started as a savings and loan that served ethnic communities after hours one night a week. The company moved to Annapolis in 1981 and now sells most of the family mortgages it originates to outside investors.
