Severn Bancorp, Inc. (NASDAQ:SVBI) was founded in 1946 and is headquartered in Annapolis, Maryland. It has 173 full-time employees. It is the holding company of Severn Savings Bank, FSB. Washington and Virginia provide a range of personal and commercial banking products and services.
Severn Bancorp, Inc. (SVBI):
The history of Severn Bank can be traced back to 1946 when it was named Pompeii Permanent Building Association. Severn Bank moved its headquarters to Annapolis, Maryland in 1980, with total assets of less than $500,000. Beginning in 1984, Severn Bank became a chartered stock savings and loan company with deposit insurance provided by the Maryland Savings Share Insurance Corporation. Eventually, Severn Bank transformed from a federal housing loan charter bank to a federal stock savings bank.
In 1990, Severn’s board of directors and shareholders approved the reorganization and the holding company Severn Bancorp, Inc. was established. Today Severn Bank is a retail organization that specializes in providing products and services to people in the Chesapeake Bay area.
Safen Bank’s deposit products include checks, savings, money market, time deposits and personal retirement accounts.
Severn Bank’s loan portfolio includes residential mortgage loans; commercial real estate loans; construction and acquisition of land, and development loans for the construction of one to four-room residences; commercial construction loans; land loans; residential loans; commercial and commercial loans; As well as home equity loans, home equity credit lines and other consumer loans.
Severn Bank also provides cash management, ATM, credit and debit cards, safes, Internet and telephone banking, and other products and services. In addition, it also provides commercial real estate brokerage and property management services, and acquires real estate for joint organization and investment purposes.
As of May 9, 2019, Safen Bank Corporation operates through six branches located in Annapolis, Edgewater, Glen Burnie, Lothian/Cape Wesson and Severa Park .