SEVERN BANCORP INC (Form: 8-K, Received: 02/24/2021 16:31:23)

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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): February 24, 2021

Severn Bancorp, Inc.

(Exact name of registrant as specified in its charter)


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

N/A

(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:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

SVBI

The Nasdaq Stock Market LLC

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
		Vance W. Adkins
		Executive Vice President & Chief Financial Officer

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:
Vance Adkins
Chief Financial Officer
Email: vadkins@severnbank.com
Phone: 410.260.2000

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.

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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.