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Severn Bancorp (SVBI) in Annapolis, Md., swung to large quarterly loss as it worked to restructure its balance sheet by selling off bad loans.
October 22 -
Several community banks are scrambling to address Tarp balances, either by selling or refinancing, as the dividend rate on those shares is set to nearly double.
October 7 -
The $840 million-asset company will take a third-quarter charge of about $10 million on the sale of the loans, which have a book value of $33 million, it said.
September 27 -
Severn Bancorp (SVBI) in Maryland will restate earnings for the past three years to reflect a change in how it accounts for premiums on deposit insurance.
February 15 -
Severn Bank & Trust in Annapolis, Md., has turned to a 35-year banking veteran to be its chief lending officer.
January 10
Severn Bancorp (SVBI) in Annapolis, Md., will take a $4 million pretax charge in the fourth quarter after selling troubled loans.
The $820 million-asset company said Friday that it sold loans with a face value of $15 million for $11 million. The bulk of the nonperforming loans were residential, the company said in a press release.
Severn also wrote down and sold a number of foreclosed properties. The company expects the balance of foreclosed properties to fall below $10 million in the fourth quarter.
"Both sales represent material reductions in our non-performing loans, significantly reducing the resources that have been necessary to manage non-performing loans," Alan Hyatt, Severn's president and chief executive, said in the release. "Furthermore, the sales enhance our efforts to focus on improving earnings and increasing profitability."
Severn, which has four branches in Mayland, lost $20.5 million in the third quarter after