Business Notes


March 31, 2003

Severn Bancorp announces 8 cent quarterly dividend

Severn Bancorp Inc., the parent company of Severn Savings Bank FSB and Hyatt Real Estate, has announced a regular quarterly dividend of 8 cents per share for the first quarter of 2003, a 33 percent increase over the previous quarter.

This dividend is payable April 15 to shareholders of record at of the close of business today.

In June last year, the company was approved for listing on the NASDAQ Small Cap Market under the symbol "SVBI." With more than $470 million in assets, Severn Savings Bank FSB is a community bank focused on residential and commercial mortgage lending in Maryland, Delaware and Northern Virginia. The bank has branches at 1919 West St. in Annapolis and 413 Crain Highway in Glen Burnie.

The Arc granted $50,000 in business tax credits

The Arc of Anne Arundel County has been granted $50,000 in business tax credits through the Maryland Department of Housing and Community Development's Neighborhood Partnership Program.

Under the program, businesses can earn Maryland tax credits by making donations to the Arc of Anne Arundel County, a nonprofit organization. Funds will be used to purchase specialized information technology systems for county residents with mental retardation and developmental disabilities.

Businesses earn tax credits equal to 50 percent of the value of their contributions of cash or goods, and the credits may be claimed in addition to the usual state and federal deductions for charitable contributions.

Information: 410-268-8085 or 410-269-1883.

Telecom company wins excellence award

Telecommunications Systems Inc., a leader in location and messaging software and emergency services for mobile operators, recently received the Frost and Sullivan 2003 Mobile Location Platform award for the company's Xypoint Location Platform.

The award is presented each year to a company that has demonstrated innovation and excellence in location software and technology.

Community agency offers home-buying workshops

Anne Arundel Community Action Agency will offer workshops for first-time home buyers Wednesdays next month. Workshops will be held from 6 p.m. to 8 p.m. at the Community Action Agency, 251 West St. in Annapolis.

Topics to be covered include: "Advantages of Homeownership," Wednesday; "Credit Review and Prequalification," April 9; "Obtaining a Mortgage," April 16; "Home Selection and Writing the Contract," April 23; and "Closing," with post-purchase counseling, April 30.

Certificates will be issued upon completion of the five two-hour sessions. The cost of the training is $25, which can be mailed in advance or paid at the first session.

Information: 410-626-1900, Ext. 1032.

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