Filing Analysis
Glen Burnie Bancorp has announced its intention to voluntarily delist its common stock from the Nasdaq Capital Market and deregister its securities with the SEC. This move is intended to terminate and suspend all reporting obligations under the Securities Exchange Act of 1934.
🚩 Red Flags
- Voluntary delisting often precedes a transition to over-the-counter (OTC) markets, significantly reducing liquidity.
- Deregistration with the SEC means the company will no longer be required to file periodic reports (10-K, 10-Q), leading to extreme information asymmetry for investors.
- Loss of Nasdaq listing status typically results in a significant loss of institutional investor interest and market visibility.
📋 Key Facts
- Announcement date: December 12, 2025
- Action: Voluntary delisting from The Nasdaq Capital Market
- Action: Voluntary deregistration of common stock with the SEC
- Purpose: To terminate and suspend reporting obligations under the Securities Exchange Act of 1934
Glen Burnie Bancorp announced the appointment of Todd Capitani as Treasurer and Chief Financial Officer, effective November 17, 2025. Mr. Capitani brings extensive banking and audit experience to the role.
📋 Key Facts
- Todd Capitani appointed as Treasurer and CFO of Glen Burnie Bancorp and CFO/EVP/Treasurer of The Bank of Glen Burnie.
- Effective date: November 17, 2025.
- Annual base salary: $270,000 plus benefits and performance-based incentive compensation.
- Compensation includes common stock grants under the Company’s 2019 Equity Incentive Plan, vesting over four years.
- Mr. Capitani previously served as CFO of Shore Bancshares, Inc. from November 2009 to August 2025.
Glen Burnie Bancorp announced its quarterly results of operations for the fiscal quarter ended September 30, 2025. The filing serves as a formal notice that earnings data was released via press release on October 31, 2025.
📋 Key Facts
- Reporting date: October 31, 2025
- Period covered: Fiscal quarter ended September 30, 2025
- The filing includes a press release as Exhibit 99.1 containing the financial results.
Glen Burnie Bancorp announced the resignation of Board Member May Louise Wicox, effective December 31, 2025. The departure is attributed to personal reasons.
📋 Key Facts
- May Louise Wicox has served on the Board of Directors since 1997.
- Resignation date: September 11, 2025.
- Effective date of resignation: December 31, 2025.
- Reason for departure: Personal reasons.
Glen Burnie Bancorp announced its quarterly results of operations for the fiscal quarter ended June 30, 2025. The filing serves as a formal announcement of earnings via an attached press release.
📋 Key Facts
- Reporting period: Fiscal quarter ended June 30, 2025
- Report date: July 29, 2025
- The company released its results through a press release (Exhibit 99.1)
- Filed under Item 2.02 (Results of Operations and Financial Condition)
Glen Burnie Bancorp, through its subsidiary The Bank of Glen Burnie, has entered into an agreement to acquire 100% of VA Wholesale Mortgage Incorporated for $750,000 in cash. The deal includes a performance-based earn-out structure involving net earnings and loan volume royalties paid to the seller over three years.
🚩 Red Flags
- Earn-out structure (33% net earnings + volume royalty) creates ongoing contingent liabilities and complex profit-sharing with a former owner.
📋 Key Facts
- Acquisition of 100% of issued and outstanding stock of VA Wholesale Mortgage Incorporated (VAWM).
- Cash consideration of $750,000 payable to the Seller (Eric Tan).
- Seller to receive 33% of VAWM's net earnings for three years post-closing.
- Seller to receive an additional 4 basis points (.04%) on closed loan volume of VAWM for three years post-closing.
- The transaction is expected to close in early August 2025, subject to regulatory approval.
- Eric Tan will be employed as President of VAWM following the closing.
Glen Burnie Bancorp announced the retirement of CFO Jeffrey D. Harris effective June 30, 2025. In response, the CEO will assume interim Treasurer and Principal Accounting Officer roles, supplemented by a consulting agreement with Artisan Advisors, LLC.
🚩 Red Flags
- Key personnel departure (CFO) creates temporary leadership gap in critical financial oversight functions.
- CEO taking on additional high-level accounting responsibilities increases concentration of management duties and potential distraction from CEO duties.
📋 Key Facts
- CFO Jeffrey D. Harris to retire effective June 30, 2025.
- CEO Mark C. Hanna appointed as interim Treasurer and interim Principal Accounting Officer effective July 1, 2025.
- The Company entered into a Consulting Agreement with Artisan Advisors, LLC on June 26, 2025, to provide functional support for financial/accounting management until a new CFO is hired.
- No new compensatory or severance arrangements were made for Mr. Hanna's interim roles.
Jeffrey D. Harris, the Treasurer and Chief Financial Officer of Glen Burnie Bancorp, has announced his intention to retire effective June 30, 2025.
🚩 Red Flags
- Loss of long-tenured CFO (8 years in role)
📋 Key Facts
- Officer: Jeffrey D. Harris
- Title: Treasurer and Chief Financial Officer
- Departure Date: June 30, 2025
- Tenure: Serving since 2017
- Status: Retirement
Glen Burnie Bancorp held its Annual Meeting of Stockholders on May 8, 2025. The meeting resulted in the election of four directors and approval of several shareholder proposals, including auditor selection and executive compensation frequency.
📋 Key Facts
- Annual Meeting held on May 8, 2025.
- Quorum reached with 1,982,678 shares (68.35% of total shares) represented.
- Four directors elected: Thomas Clocker, Felton Magee, Jr., Julie Mussog, and Joan M. Rumenap for three-year terms.
- Shareholders approved the selection of an independent auditing firm for fiscal year 2025.
- Non-binding resolution to approve executive compensation was approved.
- Shareholders voted in favor of holding advisory votes on executive compensation every three years.
Glen Burnie Bancorp announced its quarterly results of operations for the fiscal quarter ended March 31, 2025. The filing serves as a formal announcement of earnings via an attached press release.
📋 Key Facts
- Reporting period: Fiscal quarter ended March 31, 2025
- Announcement date: May 7, 2025
- The filing includes Exhibit 99.1 containing the official press release regarding financial results.
Glen Burnie Bancorp announced that eight employees accepted an early retirement incentive package offered by its subsidiary, The Bank of Glen Burnie. This move is expected to result in net annual savings of approximately $380,000 despite one-time costs.
📋 Key Facts
- Eight employees accepted the Early Retirement Package on March 12, 2025.
- Eligibility required age 65+ as of Dec 31, 2024, and at least 10 years of service.
- Package terms: Two weeks of salary per year of service plus two months of salary.
- One-time salary expense expected in Q2 2025 (ending June 30) is ~$292,675.
- Annualized salary/benefit savings estimated at ~$380,000.
- The Bank plans to replace two of the eight vacated positions.
Glen Burnie Bancorp announced its financial results for the fiscal quarter and fiscal year ended December 31, 2024. The filing serves as a formal announcement of the company's quarterly earnings release.
📋 Key Facts
- Report date: February 6, 2025
- Reporting period: Fiscal quarter and fiscal year ended December 31, 2024
- The filing includes a press release as Exhibit 99.1 regarding results of operations and financial condition.
Glen Burnie Bancorp announced the termination of Andrew J. Hines from his roles as Executive Vice President and Chief Lending Officer at its subsidiary, The Bank of Glen Burnie, effective January 10, 2025.
🚩 Red Flags
- Termination of a long-tenured key officer (Chief Lending Officer) can signal internal friction or strategic shifts in credit management.
📋 Key Facts
- Andrew J. Hines was terminated effective January 10, 2025.
- Hines served as Executive Vice President since 2017.
- Hines served as Chief Lending Officer since 2014.
- The departure is at the subsidiary level (The Bank of Glen Burnie).
Glen Burnie Bancorp announced its quarterly results of operations for the fiscal quarter ended September 30, 2024. The filing serves as a formal announcement of financial performance via an attached press release.
📋 Key Facts
- Reporting date: October 31, 2024
- Period covered: Fiscal quarter ended September 30, 2024
- The company is listed on the Nasdaq Capital Market under ticker GLBZ
- Results were announced via press release (Exhibit 99.1)
Glen Burnie Bancorp announced the appointment of Felton Magee, Jr. to its Board of Directors, effective September 12, 2024.
📋 Key Facts
- Felton Magee, Jr. was appointed as a director on September 12, 2024.
- The appointment fills a vacancy in the class of directors.
- His term expires at the 2025 Annual Meeting of Stockholders or until a successor is elected.
Glen Burnie Bancorp announced its quarterly results of operations for the fiscal quarter ended June 30, 2024. The filing serves as a formal announcement of earnings via an attached press release.
📋 Key Facts
- Report date: July 26, 2024
- Reporting period: Fiscal quarter ended June 30, 2024
- The company is listed on the Nasdaq Capital Market under ticker GLBZ
- Results are furnished but not filed with the SEC (standard for earnings releases)
Glen Burnie Bancorp announced the appointment of Joseph G. 'Jay' Baldwin to its Board of Directors, effective July 11, 2024.
📋 Key Facts
- Joseph G. 'Jay' Baldwin appointed as director on July 11, 2024.
- The appointment fills a vacancy in the class of directors.
- Term expires at the 2026 Annual Meeting of Stockholders or until a successor is elected.
Glen Burnie Bancorp held its Annual Meeting of Stockholders on May 9, 2024. The meeting resulted in the election of three new directors and the ratification of the company's auditor for the 2024 fiscal year.
📋 Key Facts
- Annual Meeting of Stockholders held on May 9, 2024.
- 75% of total shares (2,167,161 out of 2,887,467) were represented at the meeting.
- Three directors elected: Andrew Cooch, Mark C. Hanna, and Stanford D. Hess for three-year terms.
- Shareholders ratified the selection of an outside auditing firm for fiscal year ending December 31, 2024.
Glen Burnie Bancorp announced its financial results for the fiscal quarter ended March 31, 2024. The filing serves as a standard disclosure of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: Fiscal quarter ended March 31, 2024.
- Filing date: April 26, 2024.
- The report includes results of operations and financial condition under Item 2.02.
Glen Burnie Bancorp announced its financial results for the fiscal quarter and fiscal year ended December 31, 2023. The filing serves as a formal notice of the release of earnings data.
📋 Key Facts
- Report date: February 16, 2024
- Reporting period: Fiscal quarter and fiscal year ended December 31, 2023
- The filing includes Exhibit 99.1 containing the official press release of results.
Glen Burnie Bancorp announced the resignation of Chares Lynch, Jr. from its Board of Directors, effective December 31, 2023.
📋 Key Facts
- Chares Lynch, Jr. resigned from the Board of Directors on December 31, 2023.
- The resignation was for personal reasons.
- Lynch had served on the Board since 2003.