EXHIBIT 20
Quarterly Report To Stockholders




                                         February 11, 1997



Dear Stockholder:

         Enclosed is your January 31, 1997 stock statement which reflects your
recent dividend.

         As you are aware, fourth quarter earnings for our primary subsidiary,
The Bank of Glen Burnie, did not meet expectations. The Bank continues to
maintain a strong capital position, despite posting a loss for 1996 of
approximately $1 million. This loss is largely attributed to additional funds
being directed to the loan loss reserve to address asset quality issues in the
loan portfolio.

         During this very challenging year, we were pleased to pay an annual
dividend of $1.20 cents per share. In an effort to maintain the Bank's capital
strength, the Board of Directors recently voted to tie future dividend payments
directly to quarterly profits. It is our intention that all future dividend
payments will reflect 40 percent of the Bank's quarterly profits.

         As always, on behalf of the directors and officers, your continued
support is greatly appreciated.

                                         Sincerely,

                                         [F. William Kuethe, Jr.]

                                         F. William Kuethe, Jr.
                                         President & CEO


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            Treasurer's Report of Financial Condition as of 12/31/96
                            John E. Porter, Treasurer


        Total Assets                                 $254,314,849.12
        Stockholders Equity                           $18,576,518.32
        Book Value Per Share                                  $21.08
         (881,221 shares outstanding)
        1996 Loss                                     ($1,020,176.96)
        1996 Loss Per Share                                   ($1.16)