Seven Bancorp Under Federal Supervision
Annapolis based Severn Bankcorp, Inc., the parent of Seven Bank, has joined the growing list of banks that are now under federal supervision.
The Office of Thrift Supervision (OTS) announced that it has supervisory agreements in place and that the bank must revise its policies regarding its problem assets, including revising its allowance for losses and loan modifications, and come up with a better plan to manage risks. The company must provide quality progress reports to OTS.
In the three months ending September 30th, Severn lost $4.4 million (48 cents per share). Last year, during the same period, the bank had a profit of $600,000, which works out to 6 cents per share. The company, which has four branches in Anne Arundel County, had $995 million in assets at the end of the quarter.
Additional Reading: Severn Bankcorp placed under federal supervision [Baltimore Sun]
Tags: Severn Bank, Severn Bankcorp
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