Severn Savings moves expands hours, services

June 16, 1994|By Consella A. Lee | Consella A. Lee,Sun Staff Writer

After 14 years of occupying the old Dairy Queen building in the 1700 block of West Street in Annapolis, Severn Savings Bank, is moving up the road to a new building, more than doubling its branch size.

The bank's Annapolis branch at 1726 West Street will close permanently after banking hours tomorrow. The bank will be closed Saturday to complete its move by Monday to 1917 West St.

The move will allow Severn's Annapolis branch to offer customers drive-through window service for the first time. The bank, primarily a mortgage lender, sees the new service as a way to pick up more NOW account customers, said Melvin E. Meekins, Jr., Severn's executive vice president.

Mr. Meekins said the bank plans to launch a marketing campaign next month to promote itself as the last remaining locally owned and managed savings bank in Anne Arundel County. Severn's other branch is in Glen Burnie.

Crestar bank, based in Richmond, Va., merged with Annapolis Federal Savings Bank a few weeks ago, renaming the branches, including three in Annapolis, Crestar.

Severn's total assets have grown from about $500,000 to $105 million since the bank moved from Baltimore to Annapolis in JTC 1980. Its Glen Burnie branch opened in 1986. It has about $25 million in deposits; the Annapolis branch has about $70 million. The company started off with six employees and now has 48.

"Ours has been more of a steady growth, keeping pace with the capital we have to support that growth," said Mr. Meekins.

The bank, which will offer extended hours, hired three new full-time employees. It also increased the number of teller windows from three to five. The bank paid $215,000 for the land and $300,000 to build the new branch.

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