Annapolis, Md.-based Severn Bancorp Inc. is converting all its outstanding 8% series A preferred shares into common shares.
It informed holders of the preferred stock about the conversion March 13. The conversion is slated to occur on or before April 2.
There are 437,500 outstanding preferred shares impacted; the conversion ratio is 1:1.
Severn Bancorp is the $804.8 million-in-assets holding company of Severn Savings Bank FSB and Mid-Maryland Title Co. Inc.
