Capitol Seniors Housing Breaks Ground on Arbor Terrace Maple Lawn

Capitol Seniors Housing, a senior living investment and development firm, has started construction on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton. The $27.5 million, 73,000-square-foot community will have 86 apartments and be located adjacent to Maple Lawn Market Place and Reservoir High School. It is scheduled to open in the fourth quarter of 2018.
Designed by Baltimore-based BCT Architects, Arbor Terrace Maple Lawn will have an exterior that suggests a boutique hotel and takes cues from the contemporary architecture of nearby retail stores, which were also designed by BCT.
Amenities will include a casual seating bistro/sports lounge featuring an open-concept kitchen area, as well as a library, a theater and a multi-purpose room, all of which encourage engagement throughout the community. Also under roof will be an art studio, salon and spa, and a fitness/rehab room for other activity and socialization spaces.
“Arbor Terrace Maple Lawn will foster an intergenerational community by virtue of its close proximity to the nearby elementary, middle and high schools, which will present opportunities for Arbor Terrace residents and area students to engage with one another,” said Joe McElwee, principal – development, Capitol Seniors Housing. “We expect Arbor Terrace Maple Lawn residents to have grandchildren and perhaps great grandchildren in these schools. … When we build a senior living community, we seek to create an experience which benefits its residents and the overall community.”

Grace to Acquire Polyolefin Catalysts Business for $416M

W. R. Grace & Co., of Columbia, signed an agreement to acquire the Polyolefin Catalysts business of Albemarle Corp. for $416 million. The transaction is expected to close in the first quarter of 2018, subject to regulatory approvals and other customary closing conditions.
The Polyolefin Catalysts business focuses on proprietary and custom-manufactured single-site catalysts, as well as metallocenes and activators. The acquisition also includes a comprehensive series of highly optimized Ziegler-Natta catalysts for polyethylene production. The acquisition significantly strengthens Grace’s catalysts technology portfolio, commercial relationships and manufacturing network. Approximately 175 employees will join Grace’s global team. The manufacturing operations in Baton Rouge, La., and Yeosu, South Korea, add important flexibility to the company’s global catalysts manufacturing network.
“This transaction aligns perfectly with our strategy to expand our leadership position in polyolefin catalysts,” said Grace Chairman and CEO Fred Festa. “I am excited about the opportunities created by adding the talent, advanced technology and manufacturing capabilities of the business. Both the catalysts and activators product lines are tied to high-growth applications, and the manufacturing assets bring important scale and capital synergies.”

Arundel Announces Eight-Month Industrial Solar Operations Ban

At the urging of environmental advocates and the newly-formed Agriculture, Agritourism & Farming Commission, Anne Arundel County Executive Steve Schuh and the Anne Arundel County Office of Planning and Zoning have announced an immediate eight-month moratorium on the issuance of any approved dispersed energy operations. They cite concerns regarding the impact of industrial solar energy operations, also called “solar parks,” in rural areas of the county.
Before the implemented moratorium, activities like industrial solar energy parks were permitted in lands zoned RA (rural-agricultural). In accordance with the County Code, allowing such industrial activity in rural lands reduces land use consistency and increases the likelihood of industrial land use encroachment into the rural and agricultural areas of the county.
The moratorium will provide an opportunity for Planning and Zoning, in collaboration with the Commission’s Dispersed Energy Committee, to study existing regulations and recommend appropriate measures and processes for current and future proposed energy operations.

TEDCO Invests $800,000 in Innovative Tech, Life Science Startups

The Columbia-based Maryland Technology Development Corp. (TEDCO) has announced that six companies have received a total of $800,000 in seed funding. They include Linshom Management, in Ellicott City, which develops a respiratory monitor capable of improving patient outcomes. The others include Rise Therapeutics, Rockville; Discourse Analytics, Bethesda; Workspace Software, Hunt Valley; and MD Diagnostics and Knowledge Diffusion, both of Baltimore.
“At TEDCO, our mission is to foster entrepreneurship and innovation across all regions of the state, and we aim to discover, invest in and build great companies that grow, stay and last in Maryland,” said TEDCO CEO George Davis. “TEDCO helps entrepreneurs bring innovation to market by being the connective tissue to all available assets in the ecosystem, including capital and business development tools.”

Schuh Announces Paid Leave Plan for Anne Arundel County’s Temporary Workforce

Anne Arundel County Executive Steve Schuh has announced a paid sick leave proposal for county government personnel. Currently, temporary/contractual employees are not eligible for any paid leave with the county. As part of the paid time off initiative, the temporary/contractual employee must work at least 30 hours per week and must have worked for the county in his or her current position for at least 120 continuous days.
Once the eligible employee meets the 120 days of continuous employment, temporary/contractual employees will begin to earn one hour of paid time off for each 30 hours that they work, not to exceed 40 hours. The paid time off could be used when an employee is sick or for other personal reasons.
The proposal would affect approximately 850 of the county’s eligible contractual, temporary/seasonal employees. The estimated cost of extending paid leave to the county’s contractual employees in fiscal 2018 is $100,000. The initiative would be funded as part of Schuh’s fiscal 2019 budget proposal. The target date for the policy to become effective is February, pending County Council approval.

VitusVet Expands to Howard County Innovation Center at Gateway

VitusVet is relocating from the Maryland Center for Entrepreneurship (MCE) into the future location of the Howard County Innovation Center, inside the Columbia Gateway Innovation District. The company has resided in the MCE since May 2015 and expanded into a new space following a period of rapid growth.
VitusVet was founded by CEO Mark Olcott, a certified veterinarian who has practiced for 20 years. He was frustrated by the archaic technology used to document pet health records and history of treatment. He met his business partner, Kalpesh Raval, who helped develop the technology, during business school. The company, which is also expanding its work force, provides full-service capabilities for veterinary practices to book appointments, make insurance claims and contact pet owners.
“The great thing about the MCE is the excellent mentorship they offer. It’s not the sort of place you go to get subsidized real estate; they really want you to succeed,” said Olcott. “Even if you start with a half-baked idea, they will bring you to the drawing board and help you evaluate your business plan and help you grow it.”

Sprouts to Hire 120-Plus Employees for Ellicott City Store

Sprouts Farmers Market, one of the fastest-growing retailers in the country, soon will finish construction on its first mid-Atlantic store, which will be located in Ellicott City. The new Sprouts represents the grocer’s eastern expansion and will help meet the growing local demand for fresh, natural and organic foods.
The 30,000-square-foot store will be located at 9150 Baltimore National Pike and will open on Wednesday, March 14, at 7 a.m. Details about the grand opening celebration are to be announced. The new Ellicott City location is bringing approximately 120 full- and part-time opportunities to the area. Sprouts’ “Healthy Living for Less” approach to grocery shopping means potential team members should share a passion for healthy eating and the fresh, natural and organic products offered throughout the store.
To learn more about available career opportunities or to apply, visit or call 866-925-2396 for non-managerial roles. Sprouts offers competitive pay, excellent benefits, team member discounts, a fun and rewarding culture and great career advancement opportunities. In 2016, Sprouts’ team members saved more than $9 million through store discounts and received $150,000 in scholarships.

MDOT SHA Garners Federal Funding to Advance E-Construction

The Maryland Department of Transportation State Highway Administration (MDOT SHA) will further advance the state’s e-construction initiatives with the purchase of new electronic devices. Through the Federal Highway Administration (FHWA) Every Day Counts program, MDOT SHA has received $100,000 to buy iPads that will be used to document construction projects. Using these electronic devices will allow MDOT SHA to shift from a paper-based process which relied on the copying, printing and mailing of documents.
MDOT SHA will buy 156 iPads for inspectors to use for the electronic collection of field data, along with accessing MDOT SHA’s new Wiki-Spec Book, Office of Construction manuals, directives and plans. Similar e-construction efforts are already underway in Pennsylvania and Alabama.
In cooperation with the American Association of State Highway and Transportation Officials (AASHTO), FHWA’s Every Day Counts program aims to speed up delivery of highway projects by increasing funding.

Heffner &Weber Makes Bid for Amazon Headquarters 2

The owner/principal of Heffner & Weber, developer of the BWI Aerotropolis, has made a proposal for the Amazon Headquarters 2. Company Owner/Principal Mitch Weber said Anne Arundel County has submitted its Aerotropolis plan to the Maryland Department of Commerce as the county’s best-suited site for the project.
The county did not make its own submission in response to the Amazon RFP; it is instead supporting Gov. Larry Hogan’s endorsement of Under Armour CEO and Chairman Kevin Plank’s Port Covington project. “To the extent our BWI Aerotropolis South makes the Amazon short list and Port Covington does not,” said Weber, “Anne Arundel County will strongly support Aerotropolis, and we believe the Gov. Hogan will, as well.
“Although ours is one of the 238 proposals being assessed by Amazon, given that we are a private developer and not a municipality, our proposal is not known to the general public,” he said, “and, as such, the Aerotropolis has not been mentioned in any [media coverage on the new] Amazon [2] headquarters.”

BGE Sets Pace for Region in Power 2017 Customer Satisfaction Study

BGE ranks highest in overall customer satisfaction among large utilities in the East Region, according to the annual J.D. Power study. BGE ranked highest in the survey’s Large Utilities in the East group with a score of 790, more than 38 points above the 11-company average of 752 for electric utility business customers. Companies are ranked on a 1,000-point scale.
The award recognizes BGE’s strong performance in six measures of customer satisfaction: power quality and reliability, corporate citizenship, price, billing and payment, communications and customer service. BGE engages its business customers via stakeholder meetings, on-site visits and dedicated communication tools that complement programs like BGE’s Smart Energy Savers and Smart Energy Economic Development (SEED) initiatives.
Expectations are that, for 2017, BGE customers will have experienced the fewest outages on record, and when outages did occur, BGE restored power faster than at most times in the company’s 201-year history. While outages are caused by a wide range of factors, including weather events, BGE is focused on reducing all potential causes through investment in infrastructure upgrades, enhanced maintenance and innovative programs.

Shake Shack Open at The Mall in Columbia

Shake Shack has opened a new location at The Mall in Columbia that features an outdoor patio and seating for more than 100 guests. In keeping with the company’s commitment to green architecture and eco-friendly construction, the tabletops will be made by CounterEvolution, using reclaimed bowling alley lanes; chairs will be designed by Uhuru using sustainable materials; and booths will be crafted by Staach, using lumber certified by the Forest Stewardship Council.
Guests can wash their burgers down with local seasonal brews from Jailbreak Brewing Co., Flying Dog Brewery, Devils Backbone Brewing Co. and Full Tilt Brewing Co., plus Shake Shack’s exclusive Brooklyn Brewery ShackMeister Ale; wine lovers can have a glass of Shack Red and Shack White wine from Napa-based Frog’s Leap Winery.
As part of Shake Shack’s mission to Stand for Something Good, the Columbia location will donate 5% of sales from its Pie Oh My concrete to Grassroots, Howard County’s only emergency shelter and crisis intervention center.

Air Canada, Spirit to Add Routes From BWI Marshall

BWI Thurgood Marshall Airport will add two international routes at its growing William Donald Schaefer International wing in the first half of 2018. Air Canada will add daily service to Montreal starting in May, with a 50-seat Bombardier CRJ aircraft.
Also, Spirit Airlines announced that it would offer nonstop service between BWI Thurgood Marshall Airport and two new markets: Montego Bay, Jamaica, and Denver. The new Spirit flights are scheduled to begin on March 22. Montego Bay will be the second international route for Spirit Airlines at the airport. In November, the carrier started service to Cancun, Mexico. With the two new markets, Spirit will operate flights between BWI Marshall and 21 destinations.

Accenture Selects Annapolis-Based Celedon Partners as Small Business of the Year

Accenture Federal Services (AFS) has selected Annapolis-based Celedon Partners as the recipient of the Small Business of the Year award for its outstanding work helping AFS deliver innovative solutions. Celedon, a technology firm specializing in cloud computing, custom development and business consulting, played an integral role in the successful execution of Accenture’s Task Management Tool (TMT) solution.
The AFS solution focuses on collaboration and task management by allowing for the seamless exchange of tasks within government agencies. It helps digitize the back office, addressing critical business capabilities for full enterprise-wide task management.

Ciena Announces $300M in Share Repurchase Authorization

Ciena, a network strategy and technology company in Hanover, announced that its board of directors has authorized a program to repurchase up to $300 million of the company’s common stock through the end of fiscal 2020.
“Our share repurchase program reflects the strength of our balance sheet, the stability of our business today and the confidence we have in our future. It also demonstrates our intent to incorporate the return of capital to shareholders in our strategic and operating plans as the business continues to grow and generate cash,” said Ciena’s Chief Financial Officer James Moylan, Jr. The program may be modified, suspended or discontinued at any time.

‘Bienvenidos’ Debuts on Arundel TV

Anne Arundel County Community Television premiered a new Spanish-language show, “Bienvenidos,” that highlights people, issues and events in the Latino community. The program will be produced monthly and broadcast via the county’s social media and cable channels. The show is produced by Maria Casasco, Latino and immigrant relations officer; she co-hosts the show with Sergio Polanco, executive director of Centro de Ayuda, and Carlos Camino, bilingual health director at the county’s Department of Health.
Viewers can find Anne Arundel Community Television, also known as Arundel TV, on Verizon channel 1962, Comcast channel 998 and Broadstripe channel 498, in high definition, and at The first episode of Bienvenidos is available on YouTube at

ADG Creative Acquired by Chenega Corp.

ADG Creative, a Columbia-based strategic communications and innovations agency, has signed a definitive agreement with the Chenega Corp. to become the newest company in Chenega’s portfolio of professional services organizations.
Chenega, an Alaska Native Corporation (ANC), supports myriad customer requirements across more than 250 federal contracts and numerous commercial engagements. In addition to its military, intel and operations support capabilities, the company provides expertise and services in the areas of security, environmental and health care, among others.
“ADG’s strategy-first approach will enhance Chenega’s offerings and the solutions we can deliver to our customers,” said John “J.C.” Campagna, president of Chenega’s MIOS Business Unit. “There is a critical need for digital transformation throughout the federal government, and the addition of ADG will help ensure that Chenega is there to meet that need.”

Pearson Opens at Two Merriweather

Pearson, an online education firm, has held an official ribbon-cutting and now calls Columbia and the new Two Merriweather office building home. The office supports Pearson’s Online & Blended Learning K–12 group, which has roots in Baltimore from when it was known as Connections Education. Founded in 2001 to provide online education to schools and school districts in the U.S. and abroad, it was acquired by Pearson in 2011.
The company serves more than 400,000 students via full-time virtual schools and programs, offering students a personalized and flexible approach to their education; Two Merriweather offers Pearson a modern and fully flexible workspace that is designed for a staff that splits its time between working remotely and in the office.

Northrop Team Launches Home Listing Ads on Waze

The Creig Northrop Team of Long & Foster Real Estate is among the first real estate teams in the nation to enroll in Waze Ads by Homesnap, a service that highlights all active Northrop Team home listings for drivers using the Waze mobile navigation app.
Waze users will see the Northrop Team’s logo featured on the Waze map for all of its active listings; potential buyers can click the logo to receive directions to a listed home; Homesnap is a home search platform for agents and their clients, which accesses the listings through its real-time MLS RETS feed.

Endurance Factory Opens in Savage

The Endurance Factory, a Spartan SGX Certified group fitness, obstacle race and ninja warrior training facility, is officially open for business on Bollman Place, in Savage. The facility specializes in building strength, endurance and mental fortitude for a variety of athletic levels, from obstacle course race (OCR) competitors to users who are simply looking to get into shape.
Grounded in functional bodyweight exercise, Spartan SGX, Spartan Race’s official training program (that the Endurance Factory follows), focuses on improving agility, athleticism and power, with progressive workouts that vary in exercise volume, intensity and specificity. With annual OCR participation surpassing that of traditional and full marathons combined (according to Running USA’s 2015 data), the market for this type of training facility is growing. For more information, visit

Schuh Announces Expanded Sexual Harassment Education Program

Anne Arundel County Executive Steve Schuh announced that every appointed member of his cabinet will attend an expanded sexual harassment education program seminar implemented by Compliance Officer Alanna Dennis.
The Compliance Office also will incorporate additional gender discrimination and sexual harassment training material into the mandatory Diversity Compliance Training that all county employees will receive. These actions will ensure training of all employees as to the policy, law and expectation of appropriate behavior at the workplace.
In September, Schuh unveiled a comprehensive human relations plan that included Anne Arundel United, a community outreach campaign to engage every citizen and community in the fight against hatred through a community ambassador program. For more information, residents can go to

Annapolis Parking Moves to New Office

Annapolis Parking has moved to a new office at 60 West Street, Suite 106, and welcomes residents, businesses and visitors to stop in and learn more about Annapolis parking options. Citizens are invited to visit the new office for assistance with annual and temporary residential permits; citation payments; all validations, including Park & Shop and employee validations; in-person monthly parking requests; contractor “No Parking” signs; and two-hour residential validations.
Annapolis Parking will hold a grand opening and regular Pizza & Parking Q&A sessions with the community in the new office in early 2018. Annual and temporary residential permits and citation payments still can be made at
The recent repairs at Hillman Garage are complete and all parking spots are available to visitors. Contact Annapolis Parking with questions at 443-648-3087 or [email protected].

Schuh, Altomare Break Ground on New Police Academy

Anne Arundel County Executive Steve Schuh, Police Chief Tim Altomare and other county officials recently broke ground on the new Anne Arundel County Police Department Police Training Academy, in Davidsonville.
The project is an $18.8 million, 30,000-square-foot facility that will train new recruits to the Anne Arundel County Police Department, as well as personnel from the Sheriff’s Office and other regional law enforcement agencies. “This is a historic day for our department,” said Altomare. “At last, Anne Arundel County will have a first-rate training facility to support the best public safety professionals in the state.”
Construction is slated to be complete by the spring/summer of 2019. The state-of-the-art facility will be named in honor of Charles “Butch” Troyer, a retired county police officer who heroically prevented a hijacking at BWI Thurgood Marshall Airport in 1974.

Kittleman Announces $12.3M Taxpayer Savings From Bond Sale

Howard County Executive Allan Kittleman announced that the recent annual bond sale conducted is expected to save county taxpayers $12.3 million, demonstrating the county’s strong value in the marketplace.
Kittleman said that the successful sale is due in large part to the county’s AAA credit rating, which Howard County has earned for more than 20 years. The sale offered Consolidated Public Improvement (CPI) new and refunding bonds and Metropolitan District Bonds via competitive bidding.
“With moderate revenue growth projected, we are focused on making sustainable budget decisions that help us maximize taxpayer dollars,” said Kittleman. “Just like refinancing a home, achieving lower interest rates for our bonds makes our money go farther. This means county taxpayers pay less for needed capital and infrastructure improvements.”
Kittleman has continued to dedicate Capital Budget funds to school construction, investments in public safety, parks and infrastructure projects, and replacement of the outdated Circuit Court house. “By prudently refinancing existing bond debt, we will save taxpayers $8.1 million for the General Fund and $4.2 million for the Water & Sewer Fund,” County Finance Director Stan Milesky said.
At the end of March, Howard County was one of just 43 counties (among more than 3,000 in the U.S.), to earn an AAA credit rating from all three bond ratings agencies.

Kittleman Announces Legislation to Give $2,500 Property Tax Credit to First Responders

Howard County Executive Allan Kittleman announced plans to file legislation that would, when fully implemented, provide a $2,500 annual property tax credit for public safety members who reside in Howard County. Kittleman said the legislation, if approved by the County Council, would provide a partial tax credit for county police, sheriff, correctional officers, emergency medical personnel and paid and volunteer firefighters in 2019 with full credits implemented in 2020.
The legislation is expected to be pre-filed with the council soon. Once enacted, the legislation would save county first-responders a combined estimated $1.6 million in property taxes in 2020, the first full year that the credits would be in place under the Kittleman proposal.
Earlier this year, the Maryland General Assembly passed enabling legislation that allowed local jurisdictions to enact laws giving public safety officers a tax credit up to $2,500 annually.

Crews to Shut Down Section of Ridgely Avenue During January

The Maryland Department of Transportation State Highway Administration (MDOT SHA) has closed a portion of Ridgely Avenue (Route 436), in Annapolis, until early February to perform maintenance work on the Weems Creek Bridge. The closure will take place between Weems Creek Drive and Arundel Place.
During the closure, the Weems Creek Bridge will be open to marine traffic, but closed to vehicle and pedestrian traffic. Contractors will repair the hydraulic system, reducing the likelihood of unplanned repairs related to issues with the mechanical elements of the swing span structure. MDOT SHA scheduled the repairs to be complete with the bridge closed until Feb. 2.
Covington Machine & Welding, of Annapolis, will complete the $120,000 project. Residents and businesses will have access to their properties during the closure. Bridge repairs will begin at approximately 6 a.m. each morning and continue until approximately 6 p.m. each evening.
Motorists will be directed to Rowe Boulevard (Route 70). For the latest real-time travel information, log onto Questions may directed to the SHA District 5 Office, in Annapolis, at 410-841-1000 or [email protected].

Howard County Named to AP District Honor Roll

The Howard County Public School System (HCPSS) has been named to the 8th Annual AP District Honor Roll. HCPSS is one of 447 school districts in the U.S. and Canada, and one of only two Maryland districts, being honored by the College Board.
To be included on the 8th Annual Honor Roll, HCPSS increased the number of students participating in Advanced Placement (AP) while also increasing or maintaining the percentage of students earning AP Exam scores of 3 or higher since 2015. Inclusion on the 8th Annual AP District Honor Roll is based on a review of three years of AP data, from 2015 to 2017, looking across 38 AP Exams.

HCGH Named Blue Distinction Center in Maternity Services

To help prospective parents identify hospitals that may deliver quality maternity care, CareFirst BlueCross BlueShield announced that Howard County General Hospital (HCGH) has been designated to receive the Blue Cross Blue Shield Association’s (BCBSA) Blue Distinction Center for Maternity Care designation, a new title under the Blue Distinction Specialty Care program.
Nearly four million babies are born in the U.S. annually, making childbirth the most common cause of hospitalization. This new program evaluates hospitals on several quality measures, including the percentage of newborns that fall into the category of early elective delivery; compared with babies born 39 weeks or later, early-term infants face higher risks of death and respiratory ailments. These babies also have a higher rate of admission to Neonatal Intensive Care Units.
HCGH’s Maternal/Child Services welcomes more than 3,500 babies into the world each year. For more information, visit

Waterloo Elementary Named 2017–18 Blue Ribbon School

The Maryland State Department of Education (MSDE) announced that Waterloo Elementary School is one of six Maryland public schools to receive the state’s Blue Ribbon award for 2017–18.
The Blue Ribbon Schools Program is a state and national program that recognizes and honors schools that exhibit high performance and/or significant improvement in reading and mathematics achievement, as measured by Maryland assessments. Each 2017–18 Maryland Blue Ribbon School was selected in the category of exemplary high achieving school, having scored in the top 15% of all state schools on the 2017 PARCC assessments.
Sixty percent of all Waterloo students met or exceeded expectations in math and English language arts on the 2017 PARCC assessments. Student teams from Waterloo earned top three honors in the Rube Goldberg and Safe Racer Engineering Challenges.

GP Strategies to Acquire Hula Partners

Global performance improvement solutions provider GP Strategies Corp., of Columbia, has signed a definitive agreement to acquire certain assets and the business of Hula Partners, a provider of SAP SuccessFactors Human Capital Management (HCM) implementation services.
Founded in 2012 and headquartered in Houston, Hula Partners delivers the full lifecycle of HCM solutions, from planning to implementation and support, and its diverse customer base includes energy, technology, pharmaceutical, utilities and other commercial clients. It estimates revenues of approximately $7 million expected for 2017. The transaction was expected to close by Jan. 2.
“Hula brings deep complementary core HR technical and functional expertise to the existing GP Strategies SAP SuccessFactors team,” said Bill Finegan, vice president, Enterprise Technology Solutions for GP Strategies.

Heneson Receives Icon Honors From TDR

Bonnie Heneson, founder and CEO of Bonnie Heneson Communications, received an Icon Honors award from The Daily Record (TDR). Icon Honors recognize Maryland business leaders over age 60 for their success and demonstration of leadership both within and outside of their fields.
In 1990, she founded her firm, which has grown into a full-service communications firm with offices in Owings Mills and Columbia. In addition, Heneson serves on the board of the Girl Scouts of Central Maryland and the Jewish Museum of Maryland, and chairs the marketing committee of the latter; Heneson received the Lifetime Achievement Award from the Public Relations Society of America–Maryland Chapter in 2014 and is a three-time recipient of TDR’s Top 100 Women Award.

Severn Bancorp Repurchases Outstanding TARP Warrant From the U.S. Treasury

Severn Bancorp, parent company of Severn Savings Bank, has completed the repurchase of a warrant held by the United States Department of Treasury. The 10-year warrant was issued on Nov. 21, 2008, as part of the company’s participation in the Treasury’s Capital Purchase Program (a part of the Troubled Asset Relief Program or TARP), and entitled the Treasury to purchase 556,976 shares of Severn Bancorp common stock at an exercise price of $6.30 per share.
The warrant was repurchased by Severn pursuant to a letter of agreement between the Treasury and the company for a total repurchase price of $520,000, or approximately $0.93 per warrant share. Alan Hyatt, president and CEO of the bank, said, “The repurchase of the warrant at the agreed-upon price underscores our continued commitment to increasing long-term value for our shareholders. The capital position of the company continues to be strong and to significantly exceed the ‘well capitalized’ thresholds established by regulators.”