SVBI » Topics » General.

This excerpt taken from the SVBI DEF 14A filed Mar 16, 2009.
General.  The Company’s bylaws provide that the Board of Directors shall consist of from seven to eleven directors.  The Board of Directors currently consists of nine members divided into three classes.  Generally, the members of each class are elected for a term of three years and until their successors are elected and qualified.  One class is elected annually. Of the four directors whose term will expire at the 2009 annual meeting, one director is not running for reelection because he has reached the mandatory retirement age. The Board has determined to increase the number of members on the Board to ten members.   Accordingly, the Board of Directors has nominated five directors for election at the annual meeting.  Of the nominees for election, Messrs. Alan Hyatt, Meekins and Stock are incumbent directors and Messrs. Lamon and Wayson are new candidates selected by the Board, although both currently serve as directors of Severn Savings Bank, FSB (the "Bank").  Because the bylaws require that each class be as nearly equal in number as possible, three directors will be elected to a three year term and two directors will be elected to a two year term.
 
These excerpts taken from the SVBI 10-K filed Mar 11, 2009.
General.  As a unitary savings and loan holding company, Bancorp is required to register and file reports with the OTS and is subject to regulation and examination by the OTS.  In addition, the OTS has enforcement authority over Bancorp and its subsidiaries, which also permits the OTS to restrict or prohibit activities that are determined to be a serious risk to the subsidiary savings association.

General.  As a federally chartered, DIF-insured savings association, the Bank is subject to extensive regulation by the OTS and the FDIC.  Lending activities and other investments of the Bank must comply with various statutory and regulatory requirements.  The Bank is also subject to certain reserve requirements promulgated by the FRB.  The OTS, in conjunction with the FDIC, regularly examines the Bank and prepares reports for the consideration of the Bank’s Board of Directors on any deficiencies found in the operations of the Bank.  The relationship between the Bank and depositors and borrowers is also regulated by federal and state laws, especially in such matters as the ownership of savings accounts and the form and content of mortgage documents utilized by the Bank.
 

 
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The Bank must file reports with the OTS and the FDIC concerning its activities and financial condition, in addition to obtaining regulatory approvals prior to entering into certain transactions such as mergers with or acquisitions of other financial institutions.  Any change in such regulations, whether by the OTS, the FDIC, the FRB or the Congress could have a material adverse impact on Bancorp, the Bank, and their operations.

General.  As
a unitary savings and loan holding company, Bancorp is required to register and
file reports with the OTS and is subject to regulation and examination by the
OTS.  In addition, the OTS has enforcement authority over Bancorp and
its subsidiaries, which also permits the OTS to restrict or prohibit activities
that are determined to be a serious risk to the subsidiary savings
association.



General.  As
a federally chartered, DIF-insured savings association, the Bank is subject to
extensive regulation by the OTS and the FDIC.  Lending activities and
other investments of the Bank must comply with various statutory and regulatory
requirements.  The Bank is also subject to certain reserve
requirements promulgated by the FRB.  The OTS, in conjunction with the
FDIC, regularly examines the Bank and prepares reports for the consideration of
the Bank’s Board of Directors on any deficiencies found in the operations of the
Bank.  The relationship between the Bank and depositors and borrowers
is also regulated by federal and state laws, especially in such matters as the
ownership of savings accounts and the form and content of mortgage documents
utilized by the Bank.

 




 



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The Bank must file reports with the
OTS and the FDIC concerning its activities and financial condition, in addition
to obtaining regulatory approvals prior to entering into certain transactions
such as mergers with or acquisitions of other financial
institutions.  Any change in such regulations, whether by the OTS, the
FDIC, the FRB or the Congress could have a material adverse impact on Bancorp,
the Bank, and their operations.



General.  Bancorp’s net income for the year ended December 31, 2008 was $4,113,000, or $0.39 per share diluted.  This is compared to $11,111,000, or $1.10 per share diluted in 2007.  This decrease of $6,998,000, or 63.0%, was primarily the result of Bancorp experiencing similar challenges faced by many financial institutions caused by the slowdown in the overall economy, including increased loan delinquencies and a compression of its interest rate margin, as well as increased foreclosure related costs.

General.  Bancorp’s net income for the year ended December 31, 2007 was $11,111,000, or $1.10 per share diluted.  This compared to $15,748,000, or $1.56 per share diluted in 2006.  This decrease of $4,637,000, or 29.4%, was primarily the result of Bancorp experiencing challenges caused by the slowdown in the real estate market, including increased loan delinquencies and a compression of its interest rate margin, as well as increased occupancy costs.

General.  Bancorp’s
net income for the year ended December 31, 2008 was $4,113,000, or $0.39 per
share diluted.  This is compared to $11,111,000, or $1.10 per share
diluted in 2007.  This decrease of $6,998,000, or 63.0%, was primarily
the result of Bancorp experiencing similar challenges faced by many financial
institutions caused by the slowdown in the overall economy, including increased
loan delinquencies and a compression of its interest rate margin, as well as
increased foreclosure related costs.



General.  Bancorp’s
net income for the year ended December 31, 2007 was $11,111,000, or $1.10 per
share diluted.  This compared to $15,748,000, or $1.56 per share
diluted in 2006.  This decrease of $4,637,000, or 29.4%, was
primarily the result of Bancorp experiencing challenges caused by the slowdown
in the real estate market, including increased loan delinquencies and a
compression of its interest rate margin, as well as increased occupancy
costs.



These excerpts taken from the SVBI 10-K filed Mar 12, 2008.
General.  Bancorp’s net income for the year ended December 31, 2006 was $15,748,000, or $1.56 per share diluted.  This compared to $14,554,000, or $1.45 per share diluted in 2005.  This increase of $1,194,000, or 8.2%, was primarily the result of the growth in Bancorp’s mortgage portfolio and Bancorp’s continued ability to maintain low operating expenses.

General.  Bancorp’s
net income for the year ended December 31, 2006 was $15,748,000, or $1.56 per
share diluted.  This compared to $14,554,000, or $1.45 per share
diluted in 2005.  This increase of $1,194,000, or 8.2%, was primarily
the result of the growth in Bancorp’s mortgage portfolio and Bancorp’s continued
ability to maintain low operating expenses.



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