New Issue: Treasury sells $23.4 million of Severn Bancorp's TARP preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 18 - The U.S. Department of the Treasury sold at auction $23.4 million of $1,000-par series B fixed-rate cumulative preferred stock issued by Severn Bancorp Inc., according to a press release.

The preferreds were sold via a modified Dutch auction that began Sept. 12 and ended Tuesday. The bank issued the stock to the federal agency as part of the Troubled Asset Relief Program.

The preferreds were priced at $998.90 each. Total proceeds came to $23.37 million.

The Treasury will receive all proceeds.

Severn is based in Annapolis, Md.

Issuer:	Severn Bancorp Inc.
Securities:	Series B fixed-rate cumulative preferred stock
Amount:	$23,393,000, or 23,393 shares
Proceeds:	$23,367,267.70
Maturity:	Perpetual
Price:	$998.90
Par amount:	$1,000
Pricing date:	Sept. 17
Settlement date:	Sept. 25

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