Business Digest

BankAnnapolis to tap federal money

Annapolis - The parent company of BankAnnapolis announced last week that it received preliminary approval to receive more than $8.15 million from the U.S. Treasury Department as part of the treasury's Capital Purchase Program.

The department's program allows healthy banks to sell off shares and get capital in return. The treasury would purchase up to $8.152 million in preferred stock from BankAnnapolis and receive a warrant to purchase up to about $1.223 million of the bank's common stock, according to the company's public filings.

Severn Savings Bank also...