Glen Burnie Bancorp profit increases 167% to $516,000 Banking

November 13, 1998|By Kristine Henry | Kristine Henry,SUN STAFF

Glen Burnie Bancorp's net income increased 167 percent in the third quarter to $516,000, or 47 cents a basic share, from $193,000 -- 18 cents a share -- in the same three months of 1997, the company said yesterday.

Total expenses were down 1.48 percent to $2.6 million and assets rose 1.8 percent to $218 million for the three months that ended Sept 30. Glen Burnie Bancorp is the parent company of the Bank of Glen Burnie, which has seven branches.

Net loans rose 8.8 percent to $120 million, while deposits were up 2.11 percent to $196 million.

"Our loans are up, our deposits are up and our income is up," Michael P. Gavin, executive vice president and chief operating officer, said in a statement.

"We are growing and expanding. We are committed to remaining an independent community bank and providing shareholder value."

Baltimore's First Mariner Bancorp acquired a 19.5 percent stake in Glen Burnie Bancorp in October.

First Mariner, which has about $460 million in assets, received approval in September from the Federal Reserve Board to acquire up to 100 percent of Glen Burnie Bancorp, which is fighting the acquisition.

Glen Burnie would increase First Mariner's assets by 65 percent and strengthen its foothold in Anne Arundel County.

Glen Burnie's shares last traded on Oct. 21 when they closed at $27.50, a 52-week high.

The company announced at the end of the third quarter that it would pay stockholders a dividend of 10 cents per share of common stock.

It was the 24th consecutive quarter that a dividend was paid to shareholders.

Pub Date: 11/13/98

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