Daily Briefing


September 16, 2008

'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.

Laura Smitherman

Magna gets another extension on due date

Magna Entertainment Corp., the owner of Maryland's Laurel Park and Pimlico Race Course, said yesterday it received another extension on the due date for its $40 million line of credit with a Canadian bank. It's the sixth time the deadline - now set for Oct. 15 - has been pushed back. Magna also received an extension on the due date for as much as $110 million in debt owned to its parent, MI Developments, from Sept. 30 to Oct. 31.

Legg Mason's CIO to retire effective Nov. 1

Mike Abbaei, Legg Mason's executive vice president and chief information officer, is retiring effective Nov. 1, according to a regulatory filing submitted last week to the Securities and Exchange Commission. Abbaei joined Legg Mason in 1995.

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