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Severn buys back warrant issued under TARP

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Severn buys back warrant issued under TARP

Annapolis, Md.-based Severn Bancorp Inc. has repurchased a warrant it issued back in November 2008, as part of its participation in the Troubled Asset Relief Program. It paid $520,000, or approximately 93 cents per warrant share.

The warrant had entitled the U.S. Treasury Department to buy 556,976 Severn shares at an exercise price of $6.30 each. Severn's stock closed at $7.025 per share on Dec. 20.