Glen Burnie Bancorp
Glen Burnie Bancorp is a bank holding company organized in 1990 under the laws
of the State of Maryland. The Company owns all the outstanding shares of capital
stock of The Bank of Glen Burnie (the “Bank”), a commercial bank
organized in 1949 under the laws of the State of Maryland, serving northern
Anne Arundel County and surrounding areas from its main office and branch in
Glen Burnie, Maryland and branch offices in Odenton, Riviera Beach, Crownsville,
Severn (two locations), Linthicum and Severna Park, Maryland. The Bank also
maintains a remote Automated Teller Machine (“ATM”) location in
Pasadena, Maryland. The Bank maintains a website at www.thebankofglenburnie.com.
The Bank is the oldest independent commercial bank in Anne Arundel County. The
Bank is engaged in the commercial and retail banking business as authorized
by the banking statutes of the State of Maryland, including the acceptance of
demand and time deposits, and the origination of loans to individuals, associations,
partnerships and corporations. The Bank’s real estate financing consists
of residential first and second mortgage loans, home equity lines of credit
and commercial mortgage loans. Commercial lending consists of both secured and
unsecured loans. The Bank also originates automobile loans through arrangements
with local automobile dealers. The Bank’s deposits are insured up to applicable
limits by the Federal Deposit Insurance Corporation (“FDIC”).
The Bank offers a full range of consumer and commercial loans. The Bank’s
lending activities include residential and commercial real estate loans, construction
loans, land acquisition and development loans, commercial loans and consumer
installment lending including indirect automobile lending. Substantially all
of the Bank’s loan customers are residents of Anne Arundel County and
surrounding areas of Central Maryland. The Bank solicits loan applications for
commercial loans from small to medium sized businesses located in its market
area. The Company believes that this is a market in which a relatively small
community bank, like the Bank, has a competitive advantage in personal service
and flexibility. The Bank’s consumer lending currently consists primarily
of indirect automobile loans originated through arrangements with local dealers.
The Company also owns all outstanding shares of capital stock of GBB Properties,
Inc. (“GBB”), another Maryland corporation which was organized in
1994 and which is engaged in the business of acquiring, holding and disposing
of real property, typically acquired in connection with foreclosure proceedings
(or deeds in lieu of foreclosure) instituted by the Bank or acquired in connection
with branch expansions by the Bank.
2.24%