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• A community-focused version of Bank of America.
• Like a local PNC Financial, focused on Maryland neighborhoods.

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• Deposit Services: Offers a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: Provides commercial real estate, commercial and industrial, residential mortgage, and consumer loans to individuals and businesses.
• Treasury Management Services: Delivers cash management, fraud protection, and payment solutions for business clients.
• Online and Mobile Banking: Provides digital platforms for customers to manage accounts, pay bills, and conduct transactions conveniently.

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Glen Burnie Bancorp (symbol: GLBZ) is a bank holding company for The Bank of Glen Burnie. As a financial institution, it primarily serves a diverse base of individuals and businesses rather than having a few major corporate customers in the traditional sense.

The company sells primarily to individuals and businesses. Its customer base can be broadly categorized into the following:

• Individuals and Households: This category includes retail banking customers who utilize services such as checking accounts, savings accounts, money market accounts, certificates of deposit, personal loans, residential mortgages, home equity loans, and other consumer credit products.
• Small and Medium-sized Businesses (SMBs): This category comprises local businesses of varying sizes that utilize commercial banking services, including business checking and savings accounts, commercial loans, lines of credit, term loans, and treasury management services.
• Commercial Real Estate Investors and Developers: A significant portion of the bank's loan portfolio often includes commercial real estate loans provided to investors and developers for properties such as multi-family residences, retail centers, office buildings, and industrial facilities within its market area.

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Mark C. Hanna, President & CEO

Mark C. Hanna became President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie in October 2023, succeeding John D. Long. He brings over 30 years of banking experience to his role. Prior to joining Glen Burnie Bancorp, Mr. Hanna served as President and CEO at F&M Bank (Farmers and Merchants Bank), a community bank in Virginia's Shenandoah Valley. Earlier in his career, he was president of Eastern Virginia Bankshares' Tidewater Region and President and CEO of Virginia Company Bank, which is now part of Primis Financial Corp. He holds a Bachelor of Science in Business Administration from Wake Forest University and a Master of Business Administration from the University of North Carolina at Greensboro. His focus includes expanding return on assets and capital, operational efficiency, and client-centric innovation.

Jeffrey D. Harris, Chief Financial Officer, Treasurer & Senior Vice President (retiring June 30, 2025)

Jeffrey D. Harris has served as the Treasurer and Chief Financial Officer of Glen Burnie Bancorp since 2017 and is scheduled to retire on June 30, 2025. Mr. Harris has been involved in the banking industry since 1981. His previous experience includes roles as Senior Vice President/Controller at Bay Bank, Vice President and Controller at CFG Community Bank, and acting CFO, Vice President and Controller at Harvest Bank of Maryland. He also served as Vice President Finance and Accounting at Suburban Federal Savings Bank, and in various capacities at Federal Home Loan Mortgage Corporation (Freddie Mac) from March 1981 until December 2007. Mr. Harris earned his undergraduate degree from George Washington University in 1977. Following his retirement, CEO Mark C. Hanna will assume the roles of interim Treasurer and interim Principal Accounting Officer starting July 1, 2025, until a new CFO is appointed.

John E. Demyan, Chairman of the Board

John E. Demyan serves as the Chairman of the Board for Glen Burnie Bancorp. He is also identified as a Real Estate Investor.

Jonathan Shearin, Chief Lending Officer

Jonathan Shearin was promoted to Chief Lending Officer effective March 13, 2025. He previously held the position of Director of Commercial Banking.

Jeff Welch, Executive Vice President and Chief Credit Officer

Jeff Welch was named Executive Vice President and Chief Credit Officer, effective March 31, 2025. He brings over 40 years of experience in progressive risk management, lending, and sales management to his role, leading efforts to effectively manage credit risk and ensure the soundness of the Bank's loan portfolio.

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The key risks to Glen Burnie Bancorp (GLBZ) primarily revolve around its strategic decision to cease being a public reporting company, alongside inherent financial and operational challenges common to community banks.

1. Voluntary Delisting from Nasdaq and Termination of SEC Registration: Glen Burnie Bancorp's board of directors has approved the voluntary delisting of its common stock from The Nasdaq Capital Market and the subsequent voluntary deregistration of its common stock with the U.S. Securities and Exchange Commission (SEC). This decision aims to terminate and suspend its reporting obligations under the Securities Exchange Act of 1934. The Board cited factors such as potential future non-compliance with Nasdaq listing requirements, lack of research coverage, absence of an active trading market for its securities, and the significant costs and management time associated with being a public reporting company. This move is expected to significantly impact the liquidity of the company's common stock, as trading will likely move to privately negotiated sales and potentially the over-the-counter market, reducing investor access and transparency. The delisting from Nasdaq is anticipated to be effective on January 1, 2026, with SEC deregistration following thereafter.
2. Financial and Market Risks: The company faces significant financial and market risks, particularly related to interest rate fluctuations and funding costs. Glen Burnie Bancorp has experienced recent volatility in its net income, reporting a net loss of $212,000 in Q2 2025 before rebounding to a net income of $125,000 in Q3 2025. The cost of deposits for interest-bearing accounts increased to 1.91% in Q3 2025 from 1.78% in Q2 2025, indicating rising funding costs. The company's net interest margin also decreased from 3.31% in 2023 to 2.98% in 2024, reflecting increased interest expenses and competitive pressures. These factors highlight the bank's sensitivity to interest rate changes and its ability to manage interest income and expenses effectively in a challenging rate environment.
3. Execution Risk of Growth Strategy and Acquisition Integration: Glen Burnie Bancorp is undergoing a strategic pivot to reshape its revenue mix and stabilize profitability, which includes a focus on fee-based income and disciplined loan expansion. A key part of this strategy is the acquisition of VA Wholesale Mortgage Incorporated (VAWM) in August 2025, which immediately contributed to mortgage fee income. However, integrating a new business inherently carries risks of execution failure or higher-than-expected costs. The success of this integration and the broader growth strategy are critical for the company to achieve its objectives and improve its financial performance.

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The increasing market penetration and adoption of digital-first neobanks, challenger banks, and online lending platforms. These entities leverage technology to offer streamlined, often lower-cost, and digitally convenient banking services (such as deposits, loans, and payments) that bypass the traditional branch-based model. They attract customers, particularly younger demographics and those prioritizing digital convenience, by offering competitive rates, lower fees, and superior mobile experiences. This directly threatens Glen Burnie Bancorp's ability to attract and retain deposits and loan customers, potentially eroding its traditional customer base and net interest income by shifting consumer preferences away from brick-and-mortar community banking towards digital-only financial solutions.

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Glen Burnie Bancorp (symbol: GLBZ) operates as a community bank primarily serving individuals and small businesses in Anne Arundel County and surrounding areas of Central Maryland, with a strong presence in the Baltimore metropolitan area. Their main products and services encompass traditional banking offerings such as deposit accounts (checking, savings, and money market accounts) and various loan types, including residential mortgages, home equity lines of credit, commercial real estate loans, commercial and industrial loans, SBA loans, and consumer loans like auto loans. They also provide digital banking services.

The addressable market for Glen Burnie Bancorp's main products and services can be estimated within their primary operating region. The market size of the Commercial Banking industry in Maryland is projected to be $13.7 billion in 2025. This figure represents the overall market for commercial banking services across the entire state of Maryland. The broader Washington–Baltimore combined metropolitan statistical area, which includes much of Central Maryland where Glen Burnie Bancorp operates, had a population of 9,973,383 as of the 2020 census. The Maryland banking industry serves approximately 6 million customers across the state.

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Glen Burnie Bancorp (GLBZ) is focused on several key areas to drive future revenue growth over the next two to three years, primarily centered around expanding its lending activities, diversifying income streams, and optimizing its balance sheet.

1. Growth in Loan Portfolio: The company's strategic direction emphasizes expanding its loan portfolio, particularly in commercial real estate, commercial and industrial (C&I), and consumer loans. For instance, in the second quarter of 2025, total loans increased by $6.0 million, representing an annualized growth rate of 11.5%, with notable increases in commercial real estate and consumer automobile loans. This focus on originating new loans is an intentional shift to grow the balance sheet rather than relying on the securities portfolio. The third quarter of 2025 continued this trend, with total loans reaching $215.3 million, an increase of 4.0% year-over-year, driven by growth in commercial real estate, C&I, and consumer loan segments.

2. Expansion of Mortgage Services through Acquisition: A significant driver is the acquisition of VA Wholesale Mortgage Incorporated (VAWM), which was completed in August 2025. This acquisition is expected to enhance the bank's mortgage origination capabilities, especially for veterans and military personnel, and is projected to provide cross-selling opportunities for the bank's existing products and services. This initiative is specifically aimed at increasing non-interest income and expanding the company's market presence.

3. Improvement in Net Interest Margin (NIM) and Yields on Earning Assets: Glen Burnie Bancorp is actively managing its earning assets to improve its net interest margin. This involves a strategic shift from lower-yielding securities to higher-yielding loans. In the third quarter of 2025, the net interest margin on a tax-equivalent basis increased to 3.24%, up 11 basis points from the second quarter of 2025, attributed to this shift. The company's management is focused on generating additional interest-earning assets at higher current market interest rates.

4. Growth and Stabilization of Deposits: The company is focused on growing and stabilizing its deposit base, particularly core, low-cost deposits and interest-bearing deposits, to support its lending activities and liquidity. Total deposits increased by $14.8 million, or 4.7%, from the third quarter of 2024 to the third quarter of 2025. Interest-bearing deposits specifically saw a significant increase of $23.4 million, or 11.8%, year-over-year in Q3 2025. This stabilization and growth in deposits are considered crucial for maintaining strong liquidity and funding future growth.

5. Launch of New Products and Services: Glen Burnie Bancorp is introducing new offerings to attract and retain customers, such as the credit card program launched in June 2025. These new products aim to enhance the bank's service capabilities and position it as a community bank with comprehensive offerings, thereby creating new revenue streams and strengthening client relationships.

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Share Repurchases

• Glen Burnie Bancorp repurchased $91,000 in stock in 2024 under its dividend reinvestment program.
• Institutions that do not maintain the required capital buffer become subject to progressively more stringent limitations on stock repurchases.

Share Issuance

• Common Stockholders participating in the Dividend Reinvestment Plan receive a 5% discount from market price when they reinvest their dividends in additional shares.
• The company issued $91,000 in stock through its dividend reinvestment program in 2024.

Outbound Investments

• On March 5, 2025, The Bank of Glen Burnie, a subsidiary of Glen Burnie Bancorp, entered into a Stock Purchase Agreement to acquire VA Wholesale Mortgage Incorporated (VAWM) for $750,000.
• The acquisition of VAWM is expected to close in August 2025 and includes additional earnings and loan volume incentives for the seller.
• The Bank anticipates continued increases in its non-interest income in the form of mortgage fees due to the acquisition of VAWM.