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BUSINESS
By Eileen Ambrose | eileen.ambrose@baltsun.com | February 25, 2010
Glen Burnie Bancorp Thursday reported a fourth quarter loss, largely due to higher federal insurance premiums and setting aside more money for loan losses. The bank holding company lost $210,000, or 8 cents per share, for the fourth quarter, compared with a profit of $1.38 million, or 47 cents per share, a year earlier. The company said in the fourth quarter of last year it increased the amount set aside for loan losses by about $1.05 million. It also saw a $308,000 increase in its federal insurance premiums, part of the Federal Deposit Insurance Corp.
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BUSINESS
February 26, 2010
Glen Burnie Bancorp Thursday reported a fourth-quarter loss, largely due to higher federal insurance premiums and setting aside more money for loan losses. The bank holding company lost $210,000, or 8 cents per share, for the fourth quarter, compared with a profit of $1.38 million, or 47 cents per share, a year earlier. The company said in the fourth quarter of last year it increased the amount set aside for loan losses by about $1.05 million. It also saw a $308,000 increase in its federal insurance premiums, part of the Federal Deposit Insurance Corp.
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BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 13, 1998
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.
NEWS
January 4, 2009
4 chambers of commerce holding a legislative mixer The West Anne Arundel County, Northern Anne Arundel, Severna Park and Crofton chambers of commerce will hold a multichamber Legislative Mixer at 6 p.m. Jan. 15 at Madison Interiors, 8258 Telegraph Road, Odenton. Local delegates and council members will be available to speak with attendees. Food and beverages will be provided. The cost is $10 for chamber members, $15 for nonmembers and at the door. Information: 410-672-3422. Dance Fitness for teens, adults offered at five schools Bio-Aerobics Inc. and the Anne Arundel County Recreation and Parks Department will hold registration for Dance Fitness classes for adults and teens beginning the week of Jan. 12. Classes will be held at Lindale Middle School, High Point Elementary School, Chesapeake Bay Middle School, Linthicum Elementary School and Belle Grove Elementary School.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 15, 1998
Glen Burnie Bancorp's net income slid in the first quarter after it shelled out $270,000 to stop a group of shareholders from ousting its board of directors, and to repulse a takeover bid by First Mariner Bancorp. As a result, net income fell to $3,000 in the quarter, or about a quarter of a penny per share, compared with net income of $375,000, or 34 cents, for the same period a year ago. The small banking company, which has six branches, spent the majority of the money on legal fees.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | March 13, 1998
A group of dissident shareholders failed to take control of Glen Burnie Bancorp yesterday in a contentious annual meeting.The dissident group, led by Susan Demyan, a former director of the company, failed in its bid to remove the current board of directors.The vote, which took auditors nearly three hours to tally, was 55 percent for the board and 45 percent against, said F. William Kuethe Jr., president of the banking corporation, the parent of Bank of Glen Burnie."I have to consider it a pyrrhic victory, because the bank itself suffered so much through this," Kuethe said.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | March 11, 1998
Glen Burnie Bancorp executives and directors have retaliated against a takeover attack, suing a former director and Edwin F. Hale Sr., chairman of First Mariner Bancorp, accusing them of illegally soliciting proxies and votes from stockholders.The lawsuit also alleges that Hale and Susan Demyan, the former director, are working to combine First Mariner illegally with Glen Burnie Bancorp's subsidiary, Bank of Glen Burnie.The suit was filed Monday in Anne Arundel County Circuit Court by F. William Kuethe Jr., president and chief executive of the $225 million-asset Bank of Glen Burnie, Chairman John E. Demyan -- Susan Demyan's cousin -- along with 10 other directors.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 30, 1998
Glen Burnie Bancorp executives and directors have dropped a lawsuit against a former director and Edwin F. Hale Sr., chairman of First Mariner Bancorp, that accused them of illegally soliciting proxies and votes from stockholders.The lawsuit was filed last month, two days before Glen Burnie Bancorp's annual meeting, at which Susan Demyan, the former director, and stockholders backed by Hale unsuccessfully tried to oust management."Since we won, that claim is moot," Price O. Gielen, an attorney representing the $225 million-asset banking company, said yesterday.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | January 29, 1998
The head of First Mariner Bancorp said yesterday that he hopes the bank's 19.5 percent stake in Glen Burnie Bancorp will serve as a launching point to merge the two financial institutions, despite anticipated resistance from the Anne Arundel County company.First Mariner Chairman and Chief Executive Edwin F. Hale Sr. also said he hopes to meet with Glen Burnie Bancorp executives in the coming weeks to determine the status of the troubled bank, which has been rocked by a federal investigation of its executives and improper loans that have cost it $6 million.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | November 22, 1997
First Mariner Bancorp, the small but aggressive Baltimore financial institution, said yesterday that its efforts to gain control of Glen Burnie Bancorp have collapsed, and that instead it may open its own branches in the Glen Burnie area."
BUSINESS
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.
NEWS
By Marcia Cephus | December 31, 2006
All 33,000 students in Anne Arundel County's public elementary schools will be able to attend First Night Annapolis today for free, courtesy of M&T Bank. Each student received a voucher that can be redeemed for a free children's admission button at any Ledo Pizza store, M&T Bank or First Night box office. The button will allow the child, when accompanied by a paying adult, into any of the events at the New Year's Eve celebration of the arts. "First Act," a children's program, will run from 2 p.m. to 5 p.m. at Maryland Hall for the Creative Arts.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 19, 1998
In a surprise move, First Mariner Bancorp ended its yearlong battle to acquire Glen Burnie Bancorp, selling its 19.5 percent stake in the Anne Arundel County banking company for $5.6 million and other considerations, the companies said yesterday.Baltimore-based First Mariner sold 213,169 shares to Glen Burnie Bancorp, which paid $26.18 a share.The sale ends a feud between the banks with each side claiming victory."This is a pretty significant day for First Mariner Bank," said Edwin F. Hale Sr., a Baltimore shipping executive and First Mariner's chairman.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 13, 1998
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.
BUSINESS
By BILL ATKINSON and BILL ATKINSON,SUN STAFF | October 21, 1998
First Mariner Bancorp grew at a blistering pace in the third quarter, as net income rose more than 75 percent, assets more than doubled, and loans jumped 66 percent, the company said yesterday.The Baltimore-based First Mariner, run by shipping executive Edwin F. Hale Sr., made $180,991 for the quarter that ended Sept. 30, or 5 cents per share, compared with $103,194, or 3 cents per share, for the same period a year earlier.For the first nine months, the company made $486,233, or 15 cents per share, compared with $191,276, or 6 cents per share, for the same period in 1997.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 30, 1998
The Federal Reserve Board yesterday approved First Mariner Bancorp's filing to acquire up to 100 percent of Glen Burnie Bancorp, after nearly a year of bitter fighting between the two companies.The fast-growing First Mariner, which has $350 million in assets and 22 branches, will likely move within the next 15 days to acquire 19 percent of Glen Burnie Bancorp from a large #i shareholder, said Frank Bonaventure, an attorney representing First Mariner.A Glen Burnie Bancorp acquisition would increase First Mariner's assets by 65 percent and would strengthen its foothold in Anne Arundel County.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 18, 1998
Directors of Glen Burnie Bancorp yesterday moved to block a hostile takeover by First Mariner Bancorp by voting to issue stockholders rights to purchase additional shares.The defensive step, known as a "poison pill," is designed to make it too costly for First Mariner to take control of the $225 million-asset Bank of Glen Burnie.The move comes after First Mariner's chairman, Edwin F. Hale Sr., the Baltimore shipping executive, sent a letter to Glen Burnie Bancorp's board offering to buy out the bank for about $26 million in cash, or $23.80 a share.
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