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Chesapeake Bank & Trust in Chestertown, Md., has begun searching for a new chief executive.
June 19 -
Severn Bancorp (SVBI) in Annapolis, Md., will take a $4 million pretax charge in the fourth quarter after selling troubled loans.
January 3
Severn Bancorp in Annapolis, Md., has reported a loss for the second quarter, following a revision to its initial quarterly results.
Severn now says that
"This reserve is due to management's decision, based on consultation with its regulators, to place a reserve on certain unsecured standby letters of credit on the books as of June 30," the company said in a press release late Friday.
A year earlier Severn reported a profit of $232,000.
Severn has assets of $789 million and four branches in Maryland.