UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 29, 2001
GLEN BURNIE BANCORP
(Exact name of registrant as specified in its charter)
Maryland 0-24047 52-1782444
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
101 Crain Highway, S.E., Glen Burnie, Maryland 21061
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (410) 766-3300
Inapplicable
(Former Name or Former Address if Changed Since Last Report)
1
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
Reference is made to the press release issued by the Registrant on May 29,
2001, the text of which is attached hereto as Exhibit 99.1, for a description of
the event reported pursuant to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
The following exhibits are filed herewith:
Exhibit No.
99.1 Press Release dated May 29, 2001
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GLEN BURNIE BANCORP
(Registrant)
Date: May 29, 2001 By: /s/ John I. Young
--------------------------------------
John I. Young
Executive Vice President
Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT: Alison Tavik
- --------------------------------------------------------------------------------
410-768-8857 * adtavik@bogb.net
GLEN BURNIE BANCORP APPROVED FOR NASDAQ MEMBERSHIP
Three for two stock dividend announced
Highlights:
- -----------
o NASDAQ listing approval received
o 3 for 2 stock dividend declared
o Directors re-elected to three-year terms
GLEN BURNIE, MD (May 29, 2001) - Glen Burnie Bancorp (OTCBB-GLBZ), parent
company of The Bank of Glen Burnie, today announced that its Common Stock has
been approved for listing on the Nasdaq SmallCap Market. The company anticipates
that the listing will be effective June 22, 2001.
In announcing the listing, John I. Young, Executive Vice President and COO
said the company is working diligently to make a stable market for its stock.
"Just one year ago, Glen Burnie Bancorp stock was trading below book value
at $12 a share. Recent trades were at $18.30," Young stated. "We are moving in
the right direction and Nasdaq SmallCap listing is the next step in the process.
We expect Nasdaq listing to increase our visibility and broaden our investor
base."
To meet the listing requirements, Glen Burnie Bancorp must have a one
million share public float, excluding directors, officers, employees and 10%
stockholders. The company's Board of Directors has approved a 3 for 2 stock
dividend to meet this requirement. The dividend will be payable on June 21, 2001
to shareholders of record at the close of business on June 7, 2001. Fractional
shares will not be issued; cash will be paid in lieu of fractional shares.
At the company's annual meeting of stockholders held on Thursday, May 10th
at La Fontaine Bleu in Glen Burnie, Maryland, stockholders re-elected F. William
Kuethe, Jr., William N. Scherer, Sr., Thomas Clocker and Karen Thorwarth to
three-year terms as directors. They also voted to authorize the company to
appoint an outside auditing firm for the 2001 fiscal year.
During his remarks, President & CEO F. William Kuethe, Jr. reported that
the company realized net income of $467,000 or $.42 basic earnings per share
(pre-stock dividend) in the quarter ended March 31, 2001, representing a 27
percent increase in basic earnings per share. On April 3, 2001, the company paid
a 15 cent ($0.15) dividend per share of common stock to shareholders of record
at the close of business on March 19, 2001, marking the company's 34th
consecutive quarterly dividend.
"Our performance illustrates that we are committed to increasing
shareholder value," said Kuethe. "An important factor in our success is the
continued support of our investors."
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie,
(www.thebankofglenburnie.com) maintains assets totaling more than $244 million.
The Bank of Glen Burnie is a locally-owned community bank with seven branches
serving Anne Arundel County.
# # # #
Certain information contained in this news release, which does not relate
to historical financial information, may be deemed to constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are subject to certain risks and uncertainties, which
could cause the company's actual results in the future to differ materially from
its historical results and those presently anticipated or projected. For a more
complete discussion of these and other risk factors, please see the company's
reports filed with the Securities and Exchange Commission.