18.9.2003: Meldung: Severn Bancorp Announces 3rd Quarter Dividend Increase

Severn Bancorp, Inc. the parent company of Severn Savings Bank, FSB and Hyatt Real Estate, today announced that its Board of Directors has declared a regular quarterly dividend of $.09 per share for the third quarter of 2003 which is a 12.5% increase over the previous quarter, and the second increase this year. The regular quarterly dividend had been increased from $.07 to $.08 in March 2003. The year to date dividend increase is 28.5%. This dividend is payable on October 15, 2003 to shareholders of record as of the close of business on September 30, 2003. "The Company remains committed to providing value to its shareholders. Based on the Company""s consistent earnings, coupled with the tax advantages of dividend income, we determined it appropriate to increase the dividend for the second time this year," said Melvin E. Meekins, Jr., Executive Vice President. Severn Bancorp, Inc. is the holding company for Severn Savings Bank, FSB and Hyatt Real Estate. In June 2002, the company was approved for listing on The Nasdaq Small Cap Market under the symbol "SVBI." With over $520 million in assets, Severn Savings Bank, FSB is a community bank focused on residential and commercial mortgage lending in Anne Arundel County and, to a lesser extent, in other parts of Maryland, Delaware and Northern Virginia. The bank has two branch locations, at 1917 West Street in Annapolis and 413 Crain Highway in Glen Burnie. Severn""s website is http://www.severnbank.com/.

For additional information or questions, please contact Melvin E. Meekins, Jr., Executive Vice President or S. Scott Kirkley, Senior Vice President, Severn Bancorp, Inc. 1919A West Street, Annapolis, Maryland 21401, 410-268-4554, e-mail: mmeekins@severn.hpwsb.com or skirkley@severn.hpwsb.com.
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