Severn Bancorp redeems $10 million of TARP preferred stock on May 16

By Tali Rackner

Norfolk, Va., May 19 – Severn Bancorp, Inc. redeemed 10,000 shares of its preferred stock sold in 2008 to the U.S. Department of the Treasury, according to an 8-K filing with the Securities and Exchange Commission.

The TARP shares have a dividend rate of 9% per annum.

The company paid $10 million on May 16 to redeem the shares, leaving 13,393 of the original shares outstanding.

Severn Bancorp, based in Annapolis, Md., is a savings and loan holding company.

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