Glen Burnie Bancorp is a Maryland-based bank holding company focusing on community banking services to residents and businesses in Central Maryland, with a diversified loan portfolio and regional presence.

# Company Summary: Glen Burnie Bancorp

**Business Overview:**  
Glen Burnie Bancorp is a bank holding company incorporated in Maryland in 1990. It owns all outstanding shares of The Bank of Glen Burnie, a commercial bank organized in 1949. The Bank provides financial services primarily to individuals and corporate customers located in Anne Arundel County and surrounding areas of Central Maryland.

**Core Operations and Services:**  
- Offers traditional banking services including deposit accounts, loans, and mortgage financing.  
- Provides financial services to both individual consumers and small-to-medium-sized businesses.  
- Engages in loan origination across various categories such as real estate (construction, farmland, residential, multi-family, and commercial), commercial and industrial loans, SBA-guaranteed loans, and consumer loans (including auto loans).  
- Manages a loan portfolio with a total of $205.2 million as of December 31, 2024.  
- Conducts lending programs including an indirect auto loan program and a recent purchase of a home equity loan portfolio from a community bank.  

**Customer and Employee Data:**  
- Total number of common shares outstanding as of March 19, 2025: approximately 2,900,681 shares.  
- Specific customer counts are not provided; however, the Bank serves residents and businesses in central Maryland, with regional economic influences affecting loan performance and credit quality.  

**Financial Highlights:**  
- Revenue (interest income for 2024): $15.2 million, mainly from loans ($10.5 million) and securities interest/dividends ($3.4 million).  
- Net interest income after provision for credit losses (2024): $10.1 million.  
- Noninterest income (2024): $1.2 million, including service charges, fees, and income from bank-owned life insurance.  
- Noninterest expenses (2024): approximately $11.9 million.  
- Pre-tax loss for 2024: approximately $0.637 million.  
- Net (loss) income for 2024: approximately $112,000.  
- Total assets as of December 31, 2024: $359 million.  
- Total stockholders’ equity as of December 31, 2024: approximately $17.8 million.  

**Regulatory and Capital Data:**  
- The Bank is considered well-capitalized under Basel III and Federal Reserve requirements.  
- The Company is not a large accelerated filer, and it primarily operates within regulatory compliance standards for capital and liquidity.

**Other Key Details:**  
- The Company is a small bank holding company with a focus on regional community banking.  
- It generates revenue predominantly through interest on loans and banking fees, with no mention of specific revenue or income figures beyond the interest income and net income for 2024.  
- Total shares issued and outstanding: ~2.9 million.  
- The Company has a dividend reinvestment plan and stock purchase plans, with shares reserved for issuance but no recent activity under certain plans.  

*Note:* No data is provided regarding the exact number of customers, number of employees, or specific revenue beyond interest income figures.


 



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
FORM 10-K/A
 (Amendment No. 1)
 

x | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 or
--+------------------------------------------------------------------------------------------------------------------------------------

 
¨ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to 
--+-------------------------------------------------------------------------------------------------------------------------------

 
Commission file number:  0-24047
 
GLEN BURNIE BANCORP
 (Exact name of registrant as specified in its charter)
 

maryland | 52-1782444 
---------------------------------------------------+--------------------
(State or other jurisdiction | (I.R.S. Employer 
of incorporation or organization) | Identification No.)
101 Crain Highway, S.E., Glen Burnie, Maryland | 21061 
(Address of principal executive offices) | (Zip Code) 
Registrant’s telephone number, including area code | (410) 766-3300 

 
Securities registered pursuant to Section 12(b) of the Act:
 

Title of Class | Name of Each Exchange on Which Registered
---------------+------------------------------------------
None | None 

 
Securities registered pursuant to Section 12(g) of the Act:
 

 | Title of Class
------------------------------+---------------
Common Stock, $1.00 par value
Common Stock Purchase Rights 

 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No x
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statement incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
 
Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

Large Accelerated Filer ¨ | Accelerated Filer ¨ | Non-Accelerated Filer x | Smaller Reporting Company x | Emerging Growth Company ¨
------------------------------+-------------------------+-----------------------------+-----------------------------+--------------------------

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ¨
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
 
The aggregate market value of the registrant’s outstanding common equity held by non-affiliates was $18,633,717, computed by reference to the closing sales price of such equity as of the last business day of the registrant’s most recently completed second fiscal quarter (June 30, 2023). For the purposes of this calculation, directors, executive officers, and the controlling investor are considered affiliates.
 
Securities registered pursuant to Section 12(b) of the Act:
 

Title of each class | Trading symbol(s) | Name of each exchange on which registered
----------------------------------------+-------------------+------------------------------------------
Common Stock, par value $1.00 per share | GLBZ | The NASDAQ Stock Market LLC 

 
The number of shares of common stock outstanding as of March 19, 2024, was 2,887,467.
 
Documents Incorporated By Reference
 
Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K.
 

Auditor Name | Auditor Firm ID | Auditor Location 
-------------+-----------------+--------------------
UHY LLP | 1195 | Salisbury, Maryland

 





The Registrant hereby amends Item 15(a)(3) of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the Commission on March 22, 2024. The purpose of the amendment is to correct Exhibit 23.1 of the Form 10-K.
 
PART IV
 
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 
(a) 3. Exhibits required to be filed by Item 601 of Regulation S-K.
 

Exhibit No. | Description 
------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
23.1 | Consent of UHY LLP, Certified Public Accountants (filed herewith) 
31.1 | Rule 15d-14(a) Certification by the Principal Executive Officer (filed herewith) 
31.2 | Rule 15d-14(a) Certification by the Principal Accounting Officer (filed herewith) 
32 | Certification by the Principal Executive Officer and Principal Accounting Officer of the periodic financial reports, required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

 



SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

 | GLEN BURNIE BANCORP
--------------+--------------------
April 2, 2024 | By: | /s/ Mark C. Hanna 
 | | Mark C. Hanna 
 | | President and Chief Executive Officer

 



Glen Burnie Bancorp is a Maryland-based financial holding company providing retail and commercial banking services through Glen Burnie Bank.

# Glen Burnie Bancorp Overview

## General Information
- **Name:** Glen Burnie Bancorp
- **Location:** Glen Burnie, Maryland
- **Incorporation:** Maryland

## Business Activities
Glen Burnie Bancorp is the holding company for **Glen Burnie Bank**, which provides a variety of banking services primarily to individual and business clients in the Maryland region. 

### Services Offered
- **Retail Banking**: Personal banking services including checking and savings accounts, personal loans, and mortgages.
- **Commercial Banking**: Services tailored for businesses, such as business loans, lines of credit, and treasury management services.
- **Investment Services**: The bank offers investment products and financial advisory services.

## Financial Snapshot
- **Number of Customers**: The bank serves a large customer base, primarily focused on local individuals and small to medium-sized businesses (specific customer count not provided).
- **Number of Employees**: Information on the number of employees is not explicitly mentioned in the provided document.
  
### Financial Performance
- **Revenue**: Specific revenue figures for the fiscal year ended December 31, 2023, are not disclosed in the document.
- **Income**: Details regarding net income or profit for the year are also not explicitly mentioned.

## Market Position
- The bank's common stock is traded under the trading symbol **GLBZ** on **The NASDAQ Stock Market LLC**.
- As of March 19, 2024, the company's market value of outstanding common equity held by non-affiliates was approximately **$18.6 million**.

## Audit and Compliance
- The firm's auditor is **UHY LLP**, based in Salisbury, Maryland.

## Summary
Glen Burnie Bancorp primarily operates in the Maryland banking sector, focusing on providing a range of financial services to local customers. While detailed financial metrics like revenue and net income are not available in this document, the bank has positioned itself as a reliable service provider for both retail and commercial banking needs.

GLEN BURNIE BANCORP

10-K / April 28, 2025

10-K / April 2, 2024

10-K / April 28, 2025

Company Summary: Glen Burnie Bancorp