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.

The $855 million-asset parent of Severn Savings Bank in Annapolis said Friday it will amend its annual and quarterly financial statements for the three-year period starting in 2010 after overstating expenses for Federal Deposit Insurance Corp. coverage by roughly $1.6 million.

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