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Glen Burnie Bancorp - GLBZ STOCK NEWS

Welcome to our dedicated page for Glen Burnie Bancorp news (Ticker: GLBZ), a resource for investors and traders seeking the latest updates and insights on Glen Burnie Bancorp stock.

Overview of Glen Burnie Bancorp

Glen Burnie Bancorp is a bank holding company that oversees The Bank of Glen Burnie, a community bank deeply rooted in Maryland's Anne Arundel County. As a provider of commercial banking, retail banking, and wide-ranging banking services, the company defines itself by its safe and sound operations, community focus, and a commitment to serving both consumer and business clients. Key industry terms such as "banking services", "community banking", and "financial services" are integral to its identity.

Core Business and Services

The company specializes in delivering essential financial solutions that include accepting demand and time deposits, initiating loans, and offering online and mobile banking. It supports both consumer and commercial markets by offering services such as checking and savings accounts, loans including residential, commercial, and automobile financing, as well as money transfer services like ACH and wire transfers. This thorough suite of offerings is designed to meet the day-to-day financial needs of the communities it serves.

Operational Excellence and Financial Model

Operating as a safe, community-oriented bank, Glen Burnie Bancorp generates revenue primarily through interest income earned on loans and deposits. The business model focuses on maintaining a robust capital structure with prudent expense management and a conservative approach to underwriting. By emphasizing organic growth in both loans and deposits, the bank maintains a careful balance between expanding its customer base and managing cost pressures inherent in a competitive financial landscape.

Community Commitment and Market Position

The Bank of Glen Burnie has built a reputation for its unwavering commitment to the local community. With multiple branch offices strategically located in Anne Arundel County, the bank meets the unique needs of local businesses and individual customers. As a member of the FDIC, it provides an added layer of assurance and trust, critical attributes for community banking institutions. The company’s emphasis on personal, relationship-based banking helps it maintain strong ties with local stakeholders and differentiates it from larger, impersonal financial conglomerates.

Distinctive Features and Competitive Landscape

What distinguishes Glen Burnie Bancorp in the competitive banking arena is its dual commitment to both retail and commercial banking while remaining deeply embedded in the community. The bank's comprehensive services are delivered through a localized network that values personalized relationships and long-term trust. This hands-on approach, underpinned by conservative financial practices, enables the bank to navigate market challenges effectively. By balancing traditional banking services with modern financial tools such as mobile and online banking, the company continues to offer relevant solutions catered to evolving customer needs.

Service Portfolio and Client-Oriented Approach

The extensive service portfolio provided by The Bank of Glen Burnie includes:

  • Traditional checking and savings accounts
  • Varied loan products including home, commercial, and automobile financing
  • Digital banking solutions such as mobile apps and online banking
  • Payment services and debit card facilities
  • Safe deposit boxes and other secure financial instruments

Each of these services is designed with a client-focused approach, ensuring that the bank’s offerings remain accessible, efficient, and aligned with customer needs.

Conclusion

Glen Burnie Bancorp stands as a prime example of a community bank that integrates deep local engagement with a comprehensive range of financial services. Its operational model, centered on interest income and controlled expense management, paired with a strong community presence, positions it as an informative case study in effective regional banking. This description presents a detailed exploration of the company's operations, service offerings, and market standing without relying on time-sensitive data, ensuring relevance and clarity for investors and stakeholders seeking to understand its business fundamentals.

Rhea-AI Summary

Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $39,000 (-$0.01 per share) for Q4 2024, compared to net income of $167,000 ($0.06 per share) in Q4 2023. For the full year 2024, the company posted a net loss of $112,000 (-$0.04 per share), versus net income of $1.4 million ($0.50 per share) in 2023.

Total assets reached $358.9 million as of December 31, 2024, up 2.03% from 2023. Despite loan growth of $28.9 million, net interest income decreased by $1.2 million to $10.9 million in 2024. The decline was primarily due to a $3.1 million increase in interest expenses, partially offset by a $1.9 million increase in interest and fees on loans.

The bank's capital position remains strong with a tier 1 risk-based capital ratio of 15.15%. However, the company suspended its quarterly dividend practice to invest in strategic opportunities, including technology, products, and facilities.

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Glen Burnie Bancorp (NASDAQ: GLBZ) reported net income of $129,000 ($0.04 per share) for Q3 2024, down from $551,000 ($0.19 per share) in Q3 2023. For the nine-month period ended September 30, 2024, the company reported a net loss of $72,000 (-$0.02 per share), compared to net income of $1.3 million ($0.44 per share) in 2023. Total assets reached $368.4 million, with loans increasing 18.41% to $207.0 million. The decline in performance was primarily due to higher interest expenses and compressed margins in the current rate environment. The company suspended its quarterly dividend to invest in strategic opportunities.

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The Bank of Glen Burnie, a subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), has expanded its business banking team with two key appointments. Jonathan Shearin has been named director of commercial banking, and Ed Abedi has been appointed vice president of cash management. These additions aim to strengthen the bank's position as 'the bank for business' in Anne Arundel County and surrounding areas.

Shearin, previously a commercial relationship manager at Shore United Bank, brings experience in tailored banking solutions and portfolio management. Abedi, with over 20 years in commercial banking and treasury management, joins from HTLF. Both executives express enthusiasm for supporting local businesses and enhancing digital banking services.

President and CEO Mark C. Hanna emphasized that growing the bank's ability to serve local businesses is their primary goal, highlighting the bank's unique position as an independent, community-driven institution to support small businesses.

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Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Felton Magee Jr. to its Board of Directors. This move aligns with The Bank of Glen Burnie's commitment to being 'the bank for business' in Anne Arundel County and surrounding areas. Magee, a Lean Six Sigma-certified and Project Management Professional, brings extensive experience in process improvement, financial management, and business growth.

Magee's background includes leadership roles at various consulting firms and a successful tenure as president and CEO of Regent HealthCare, Inc., where he oversaw two acquisitions that doubled the company's size. His appointment is part of the bank's strategy to bring in new perspectives and expertise to drive growth in its services, people, and community impact.

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Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $204,000, or $0.07 per share, for Q2 2024, compared to net income of $276,000, or $0.10 per share, in Q2 2023. The company faced challenges due to the current interest rate environment, with increased deposit and borrowing costs impacting earnings. Despite this, the bank achieved net loan growth of $23.0 million during the quarter and $20.5 million year-over-year. Deposits increased 1.9% in the first six months of 2024. The bank's net interest margin expanded by 16 basis points to 3.02% on a linked-quarter basis. Total assets were $355.7 million on June 30, 2024, with a strong liquidity position and a tier 1 risk-based capital ratio of 15.59%.

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Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Joseph G. 'Jay' Baldwin to its Board of Directors, signaling a renewed focus on being 'the bank for business' in Anne Arundel County. Baldwin, president and CEO of Reliable Contracting Company, brings extensive business leadership experience and deep community roots. His appointment coincides with the bank's 75th anniversary and follows the retirement of Charles F. Lynch Jr.

Baldwin's diverse background includes founding Reliable Commercial Construction and Reliable Real Estate Services, as well as leadership roles in various construction industry associations. His appointment is expected to contribute to the bank's growth strategy and adaptation to changing community needs. The move aligns with Glen Burnie Bancorp's efforts to strengthen its position in serving small-to-mid-sized businesses in the region.

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Glen Burnie Bancorp (NASDAQ: GLBZ) announced a regular dividend of $0.10 per share for 2Q 2024, continuing its 128th consecutive dividend. The Board of Directors approved this dividend on July 11, 2024. Shareholders of record by July 22, 2024, will receive the dividend on August 5, 2024. As of June 30, 2024, Glen Burnie Bancorp's consolidated assets total $355.7 million. The Bank of Glen Burnie, founded in 1949, operates eight branches in Anne Arundel County, Maryland.

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Glen Burnie Bancorp Reports First Quarter 2024 Results with Decline in Net Income, Net Interest Income, and Return on Average Assets
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Glen Burnie Bancorp (GLBZ) declares a regular dividend of $0.10 per share, marking its 127th consecutive dividend. The company's consolidated assets stand at $369.9 million as of March 31, 2024. Founded in 1949, The Bank of Glen Burnie serves Anne Arundel County, MD.
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Glen Burnie Bancorp (GLBZ) reported net income of $167,000 for Q4 2023, a decrease from $830,000 in Q4 2022. Total assets were $351.8 million on Dec 31, 2023. The bank paid its 126th consecutive quarterly dividend. Despite challenges, the company aims to focus on core banking business and enhance infrastructure.
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FAQ

What is the current stock price of Glen Burnie Bancorp (GLBZ)?

The current stock price of Glen Burnie Bancorp (GLBZ) is $5.09 as of April 1, 2025.

What is the market cap of Glen Burnie Bancorp (GLBZ)?

The market cap of Glen Burnie Bancorp (GLBZ) is approximately 14.8M.

What is the primary business focus of Glen Burnie Bancorp?

Glen Burnie Bancorp is a bank holding company that primarily provides retail and commercial banking services through The Bank of Glen Burnie. Its focus is on offering a comprehensive range of financial solutions to both individual and business customers in its local community.

What types of services does The Bank of Glen Burnie offer?

The Bank of Glen Burnie offers a suite of services including checking and savings accounts, loan products, digital banking solutions, and payment services. It also provides specialized financing such as home, commercial, and automobile loans.

How does Glen Burnie Bancorp generate its revenue?

The company generates revenue primarily through interest income earned on its lending activities and interest-bearing deposits. It adopts a conservative approach to underwriting and expense management to sustain its financial stability.

Which geographic area is primarily served by the bank?

The bank is primarily focused on serving the communities within Anne Arundel County, Maryland. Its multiple branch locations allow it to offer localized services tailored to its community's financial needs.

How does the bank demonstrate its commitment to community banking?

Glen Burnie Bancorp emphasizes personalized, relationship-based banking through its local branches and community-oriented service model. This focus enhances trust and reliability, distinguishing it from larger, less personalized financial institutions.

What sets Glen Burnie Bancorp apart in the competitive banking industry?

Its unique combination of a comprehensive service portfolio, strong emphasis on community engagement, and a conservative financial model sets Glen Burnie Bancorp apart. The bank’s strategic balance of traditional and modern banking methods ensures that its offerings remain relevant to evolving client needs.
Glen Burnie Bancorp

Nasdaq:GLBZ

GLBZ Rankings

GLBZ Stock Data

14.76M
2.36M
18.71%
7.04%
0.24%
Banks - Regional
State Commercial Banks
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United States
GLEN BURNIE