Severn Bancorp, Inc. (Nasdaq: SVBI) revealed that Thomas Bevivino has advised Bancorp and Severn of his plan to step down as EVP and Chief Financial Officer once a successor is identified and appointed. According to the company, Bevivino would remain with it to assist with the CFO succession for a transition period before his planned retirement at the end of June current year.
Severn said that Bancorp has commenced a search to identify a replacement for Bevivino.
President and CEO Alan Hyatt said, "For the past 12 years, Tom has played a central role in Severn's success. Tom's leadership, guidance and commitment to Severn has been a vital part of our growth as a community bank – and for that we thank him. I am also grateful that Tom has agreed to stay on through this transition period and thank him for his many contributions that have better positioned Severn for sustainable growth and success as the premier community bank in Anne Arundel County."
The retiring CFO, Bevivino also commented, "I am very proud of what we have accomplished as a team at Severn, and am thankful that I've been able to spend this time working with such a talented team to build this company. I look forward to ensuring a seamless transition of my CFO responsibilities as we continue to be the bank of choice for residents and businesses of Anne Arundel County."
On Tuesday, the stock traded 1.36 percent down.
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