ANNAPOLIS, Md., April 9, 2019 /PRNewswire/ -- Severn Bancorp,
Inc., (NASDAQ: SVBI) (the "Company") announced today that it
received a notice from the NASDAQ Stock Market LLC ("NASDAQ")
indicating that the Company is not in compliance with the continued
listing requirements under NASDAQ Listing Rule 5250(c)(1) because
the Company did not timely file its Annual Report on Form 10-K for
the year ended December 31, 2018 (the "Form 10-K") with the
Securities and Exchange Commission (the "SEC"). The NASDAQ notice
has no immediate effect on the listing or trading of the Company's
common stock on the NASDAQ Capital Market.
The Company is experiencing a delay in filing due to changes in
procedures resulting from the transition to becoming an accelerated
filer pursuant to the rules of the SEC. Despite the delay the
Company reported record earnings for 2018 and will report no change
in its earnings in the Form 10-K.
The Company is required to submit a plan to regain compliance
with the NASDAQ's filing requirements for continued listing within
60 calendar days of the date of the NASDAQ notification letter. The
Company anticipates it will file its Form 10-K with the SEC on or
about April 17, 2019 and thereby
regain compliance with the NASDAQ continued listing requirements
eliminating the need for the Company to submit a formal plan.
About Severn Bank: Founded in 1946, and a wholly owned
subsidiary of the Company, Severn
is a full-service community bank offering a wide array of personal
and commercial banking products as well as residential and
commercial mortgage lending. It has assets of $889 million and six branches located in
Annapolis, Edgewater, Glen
Burnie, Severna Park, and
Wayson's Corner Maryland. The bank specializes in exceptional
customer service and holds itself and its employees to a high
standard of community contribution. Severn is on the Web at
www.severnbank.com.
Forward Looking Statements
In addition to the historical information contained herein, this
press release contains forward-looking statements that involve
risks and uncertainties that may be affected by various factors
that may cause actual results to differ materially from those in
the forward-looking statements. The forward-looking statements
contained herein include, but are not limited to, those with
respect to management's determination of the amount of loan loss
reserve and statements about the economy. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan," "will,"
"would," "could," "should," "guidance," "potential," "continue,"
"project," "forecast," "confident," and similar expressions are
typically used to identify forward-looking statements. Severn's operations and actual results could
differ significantly from those discussed in the forward-looking
statements. Some of the factors that could cause or contribute to
such differences include, but are not limited to, changes in the
economy and interest rates both in the nation and in Severn's general market area, federal and
state regulation, competition and other factors detailed from time
to time in Severn's filings with
the Securities and Exchange Commission (the "SEC"), including "Item
1A. Risk Factors" contained in Severn's Annual Report on Form 10-K for the
fiscal year ended December 31,
2017.
Contact:
Paul B. Susie
Chief Financial Officer &
Executive Vice President
Email: psusie@severnbank.com
Phone: 410.260.2000
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SOURCE Severn Bancorp, Inc.