Regulators approve new Glen Burnie bank

Maryland Watch

November 07, 1996

Five former directors of Glen Burnie Bancorp have received preliminary approval from federal regulators to open a new bank in suburban Baltimore.

Jan W. Clark, a director, president and CEO of the new Community National Bank, said he expects it to open for business by the end of the year in Glen Burnie.

"We just feel that with the consolidation of banks that there is an opportunity for a community-owned bank that is supported by a community effort," Clark said.

He and four other directors of Community National were among 10 who were tossed out in a proxy fight in March 1995 that pitted them against the children of Bank of Glen Burnie's founders. The new bank also has five other directors.

Community National recently raised $8.6 million in an advance private placement from 135 shareholders.

Clark hopes to build loan business by extending credit to consumers and to small and medium-sized businesses. He also has plans to open a branch in Pasadena, just south of Glen Burnie.

"We feel we have a good team," said Clark. "We see a great opportunity, a community need."

Pub Date: 11/07/96

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