The Daily Record News Briefs: October 14, 2011

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Severn Bancorp's earnings improveSevern Bancorp Inc. of Annapolis, parent company of Severn Savings Bank, saw third-quarter earnings rise even as total assets declined. Third-quarter net income was $551,000, or 1 cent per share, compared to net income of $485,000, or 1 cent per share, for the corresponding 2010 period. Total assets fell to $926 million versus $975.9 million in the prior- year period. Nonperforming assets, both loans and foreclosed real estate, improved, totaling $54.8 million in this year's quarter versus $72.3 million in the 2010 period. Alan J. Hyatt, Severn's president and CEO, called the results "modest" in light of "challenging" economic conditions.

Torch Award recipients honored by BBBFive area businesses have received the Better Business Bureau | Greater Maryland's 2011 Torch Award for Marketplace Excellence. The award acknowledges businesses that demonstrate high standards of honesty and integrity toward customers, employees, shareholders and their community. Award recipients this year are: Main Street Oriental Rugs of Ellicott City; Prometric Inc. of Baltimore, River Crest Design Build Inc. of Annapolis, Merritt Properties LLC of Woodlawn, and Chesapeake Telephone Systems of Millersville. Five other companies were named as finalists: Carchex, Hunt Valley; Carroll Landscaping Inc., Windsor Mill; Preston Automotive Group, Annapolis; Reznick Group P.C., Baltimore; and Thomas Roofing Co., Westminster.

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The Daily Record News Briefs: October 14, 2011

Smith School singles out Starbucks execThe University of Maryland's Robert H. Smith School of Business has named Peter Gibbons,...

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