'Significant' charge at Glen Burnie Bancorp
Glen Burnie Bancorp, parent company of the Bank of Glen Burnie, reported yesterday that it would record a "significant" charge against earnings during the third quarter because of losses from investments in Fannie Mae and Freddie Mac, according to a regulatory filing. The company said it held preferred stock in Fannie Mae and Freddie Mac that were AAA-rated at the time of purchase but sank in value from $3 million at the end of June to $163,000 after the federal government took control of the nation's two largest mortgage finance companies last week. Glen Burnie CEO Michael G. Livingston said the bank is "extremely well capitalized and still very healthy." On Friday, the bank's board declared a regular dividend of 10 cents per share payable Oct. 6 to shareholders as of Sept. 26. The community bank has eight branches serving Anne Arundel County.