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United States

Profile: Glen Burnie Bancorp (GLBZ.OQ)

GLBZ.OQ on NASDAQ Stock Exchange Capital Market

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29 Sep 2016
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Glen Burnie Bancorp, incorporated on December 20, 1990, is the bank holding company for The Bank of Glen Burnie (the Bank), a commercial bank. The Bank is engaged in the commercial and retail banking business, 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. Its commercial lending consists of both secured and unsecured loans. The Bank also originates automobile loans through arrangements with local automobile dealers. The Bank also maintains an automated teller machine (ATM) location in Pasadena.

Lending Activities

The Bank offers a 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, and consumer installment lending, including indirect automobile lending. The Bank offers long-term mortgage financing for residential and commercial real estate, as well as shorter term construction and land development loans. The Bank also offers home equity loans secured by the borrower's residence, provided that the aggregate indebtedness on the property does not exceed approximately 80% of its value. The Bank's commercial loan portfolio consists of demand, installment and time loans for commercial purposes. The Bank's business demand, installment and time lending includes various working capital loans, equipment, vehicles, lines of credit and letters of credit for commercial customers. The Bank makes consumer and commercial installment loans for the purchase of automobiles, boats, other consumer durable goods, capital goods and equipment. Also included in installment loans are other types of credit repayable in installments. The Bank finances new and used automobiles for terms of approximately 80 months. The Bank lends approximately 110% of invoice on new vehicles. The Bank originates indirect loans through a network of approximately 60 dealers, which are new car dealers located in Anne Arundel County and the surrounding counties. The Bank offers overdraft protection lines of credit tied to checking accounts. The Bank's net loans are approximately $259.64 million.

Investment Activities

The Bank's investment securities portfolio consists of securities issued by the United States Government agencies, including mortgage-backed securities, the United States treasury securities, securities issued by certain states and their political subdivisions, and corporate trust preferred securities. The Bank's total investment securities are approximately $99.29 million.

Sources of Funds

The Bank's sources of funds to make loans are deposit accounts. The Bank uses borrowings from the Federal Home Loan Bank (FHLB) of Atlanta to supplement funding from deposits. The Bank's deposit products include regular savings accounts (statements), money market deposit accounts, demand deposit accounts, negotiable order of withdrawal (NOW) checking accounts, individual retirement account (IRA) and simplified employee pension (SEP) accounts, Christmas club accounts and certificates of deposit. The Bank offers ancillary products and services for deposit customers, which include safe deposit boxes, money orders, night depositories, automated clearinghouse transactions, wire transfers, ATMs, telephone banking and Internet banking. The Bank's total deposits are approximately $335.19 million.

Subsidiary Activities

GBB Properties, Inc. (GBB) is the Company's subsidiary. GBB is engaged in the business of acquiring, holding and disposing of real property, 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.

Company Address

Glen Burnie Bancorp

101 Crain Hwy S
GLEN BURNIE   MD   21061-3527
P: +1410.7663300

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