SEVERN BANCORP INC (Form: 8-K, Received: 08/24/2021 16:16:40)

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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): August 24, 2021

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)

Not Applicable

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

Check the appropriate box below if the Form8-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 7.01 Regulation FD Disclosure.

On August 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 September 15, 2021 to shareholders of record at the close of business on September 3, 2021. A copy of our press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits


(d)	Exhibits:

99.1	Press Release of Severn Bancorp, Inc., dated August 24, 2021 announcing a cash dividend.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

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: August 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, August 24, 2021 (PRNewswire) - Severn Bancorp, Inc. (the Company) (NASDAQ: SVBI), the parent company of Severn Bank (the Bank) announced that the Board of Directors declared a cash dividend to its shareholders. The cash dividend of five cents ($0.05) per share of common stock will be payable on September 15, 2021 to shareholders of record at the close of business on September 3, 2021.

“Despite the continuing efforts to move forward with the merger of the Company and Shore Bancshares, Inc., net income was sufficient to allow the Company to once again pay a five cent ($.05) dividend. The Bank continues to generate loans and new banking relationships in our market and looks forward to expanded services for its customers post-merger, which we anticipate concluding in the fourth quarter of this year,” said Alan J. Hyatt, Chief Executive Officer.

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, 2020.