GLEN BURNIE, Md., Feb. 20, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Company”) (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today that current board member and local business leader, Jay Baldwin, has assumed the role of Chair of the Board of Directors effective immediately. Baldwin succeeds John “Jack” E. Demyan who announced his retirement at the February 19, 2026, meeting of the Glen Burnie Bancorp Board of Directors. Demyan retires after serving as Chair si ...

Core Viewpoint - Glen Burnie Bancorp has transitioned to trading on the OTCQX Best Market, moving from Nasdaq to enhance liquidity and reduce regulatory burdens for its shareholders [1][4]. Company Overview - Glen Burnie Bancorp is a bank holding company established in 1990, owning The Bank of Glen Burnie, which has been operational since 1949 [6]. - The Bank serves northern Anne Arundel County and surrounding areas, providing commercial and retail banking services [6]. Market Transition - The company began trading on OTCQX under the symbol "GLBZ" on December 23, 2025, allowing for better visibility and access to information for investors [2][3]. - The transition to OTCQX is expected to lower costs and complexity associated with being a public company, enabling the management team to focus resources on client needs [4]. Compliance and Standards - To qualify for OTCQX, community banks like Glen Burnie Bancorp must meet high financial standards and adhere to best practice corporate governance [3]. - The decision to delist from Nasdaq and deregister with the SEC was made to provide liquidity to shareholders and reduce compliance costs [4]. Corporate Broker - Raymond James & Associates, Inc. has been appointed as the corporate broker for Glen Burnie Bancorp on the OTCQX [5]. Industry Context - OTC Markets Group Inc. operates regulated markets for trading approximately 12,000 U.S. and international securities, providing a platform for companies to access financial markets efficiently [7].

Core Viewpoint - Glen Burnie Bancorp has announced the voluntary delisting of its common stock from Nasdaq and the subsequent deregistration with the SEC to relieve itself of reporting obligations under the Exchange Act [1][5]. Delisting and Deregistration Process - The board has approved the delisting, with a Form 25 to be filed with the SEC around December 22, 2025, and the delisting expected to take effect on January 1, 2026 [2][4]. - Following the delisting, Bancorp plans to file a Form 15 with the SEC on or about January 2, 2026, certifying it has fewer than 1,200 shareholders, which will suspend its reporting obligations [4]. Rationale for Delisting - The decision is based on several factors, including anticipated non-compliance with Nasdaq's listing requirements, lack of research coverage, absence of an active trading market, and the desire to eliminate significant costs associated with being a public company [5]. - The board believes that delisting will allow Bancorp to redirect financial and management resources to a broader range of business opportunities [5]. Future Trading Plans - After delisting, Bancorp intends to have its common stock traded on the OTCQX platform and will continue to provide information to stockholders [3]. - There is no guarantee that trading will continue on the OTCQX or that brokers will provide quotes for its common stock [3]. Company Background - Glen Burnie Bancorp is a bank holding company based in Glen Burnie, Maryland, operating The Bank of Glen Burnie, which offers commercial and retail banking services [7].

Core Insights - The Bank of Glen Burnie has appointed Todd Capitani as executive vice president and chief financial officer, emphasizing the bank's commitment to strategic growth and financial stewardship [1][2] - Capitani brings over 35 years of financial experience, which includes expertise in capital planning, asset-liability management, and public-company reporting, positioning him well to advance the bank's strategic priorities [2][4] - The bank aims to execute its strategic plan focusing on thoughtful growth, expense control, and balance sheet management to enhance profitability and community engagement [4] Company Overview - Glen Burnie Bancorp is a bank holding company based in Glen Burnie, Maryland, and operates The Bank of Glen Burnie, which was founded in 1949 [5] - The Bank of Glen Burnie is a community bank with six branches in Anne Arundel County, providing commercial and retail banking services, including loans and real estate financing [5] Leadership Background - Todd Capitani previously served as CFO and executive vice president for Shore Bancshares, where he contributed to significant asset growth from $600 million to over $6 billion [2] - His prior experience includes senior management roles at Deloitte Consulting and Ruesch International, enhancing his qualifications for the CFO position [2][3]

Financial Performance - Glen Burnie Bancorp reported net income of $125,000 for Q3 2025, a 3.1% decrease from $129,000 in Q3 2024, but an improvement from a net loss of $212,000 in Q2 2025 [2][6] - Year-to-date net earnings through September 30, 2025, were $66,000, compared to a net loss of $72,000 during the same period in 2024 [3] - Diluted earnings per share for Q3 2025 remained at $0.04, consistent with Q3 2024, but improved from a $(0.07) loss per share in Q2 2025 [2][6] Loan and Deposit Growth - Total loans increased by $2.0 million in Q3 2025, with an average balance increase of $7.3 million from Q2 2025 [6][7] - Total deposits reached $329.1 million at September 30, 2025, up $11.8 million from Q2 2025 and $14.8 million, or 4.7%, from Q3 2024 [8][10] Asset Quality - The non-performing loans ratio was 0.56% as of September 30, 2025, up 40 basis points from Q3 2024 [5][11] - The allowance for loan losses to loans was 1.19%, a decline from previous quarters, indicating a conservative approach to credit risk [5][11] Acquisition of VAWM - The Bank completed the acquisition of VA Wholesale Mortgage Incorporated (VAWM) on August 15, 2025, for a total purchase price of $750,000 [17][18] - VAWM is expected to enhance non-interest income and provide access to new markets, generating pretax income of $36,000 in the short period post-acquisition [6][21] Revenue and Expenses - Net interest income for Q3 2025 was $2.8 million, consistent with Q3 2024, while the net interest margin increased to 3.24% [12][13] - Non-interest income rose to $571,000 in Q3 2025, driven primarily by mortgage fees from VAWM [15][28] - Non-interest expenses totaled $3.3 million, reflecting increases due to legal and professional fees related to the VAWM acquisition [16][28] Capital Ratios - Regulatory capital ratios exceeded the well-capitalized minimum levels, with a leverage ratio of 9.67% and a total risk-based capital ratio of 15.96% as of September 30, 2025 [11][32]

Core Viewpoint - The Bank of Glen Burnie has completed the acquisition of VA Wholesale Mortgage, Inc., which will enhance its mortgage business by expanding product offerings and geographical reach, particularly in serving military personnel and their families [1][2][3]. Company Overview - The Bank of Glen Burnie is a wholly owned subsidiary of Glen Burnie Bancorp, engaged in commercial and retail banking, with a focus on real estate financing and various loan products [7]. - VA Wholesale Mortgage, Inc. is a veteran-owned mortgage company specializing in VA home loans and other mortgage products, operating in multiple states [8]. Acquisition Details - The acquisition aims to provide a consistent source of capital for VA Wholesale Mortgage, allowing for growth and improved service delivery to customers [2][4]. - VA Wholesale Mortgage closed approximately $125 million in mortgage loans in 2024, indicating a strong operational foundation prior to the acquisition [3]. Strategic Benefits - The acquisition will enable The Bank of Glen Burnie to quickly expand its mortgage offerings, including FHA, VA, and first-time homebuyer mortgages, thereby better serving its growing customer base [3][5]. - The integration of VA Wholesale Mortgage will allow the Bank to take on administrative responsibilities, freeing up VAWM's team to focus on client service [2][4]. Market Positioning - The Bank of Glen Burnie is positioned to leverage VA Wholesale Mortgage's expertise in serving military personnel, which is a key differentiator in the mortgage lending market [5]. - The acquisition is expected to enhance the Bank's outreach to veterans and active-duty military personnel, expanding its customer base [5].

Core Insights - Glen Burnie Bancorp reported a net loss of $212,000 for Q2 2025, compared to a net income of $153,000 in Q1 2025 and a net loss of $204,000 in Q2 2024, with a diluted loss per share of $(0.07) [2][19] - Year-to-date, the net loss was $59,000, an improvement from a net loss of $201,000 during the same period in 2024 [3] - The company is focusing on strategic initiatives to increase revenue sources and operational efficiency, despite the current net loss [4] Financial Performance - Net interest income for Q2 2025 was $2.7 million, slightly up from $2.6 million in Q1 2025 but down from $2.8 million in Q2 2024 [11][19] - The net interest margin increased to 3.13% in Q2 2025, up 13 basis points from Q1 2025, driven by improved yields on earning assets [12][21] - Non-interest income rose to $220,000 in Q2 2025 from $205,000 in Q1 2025, but decreased from $241,000 in Q2 2024 [13][19] Loan and Deposit Metrics - Total loans increased by $6.0 million in Q2 2025, reflecting an annualized growth rate of 11.5%, primarily due to growth in commercial real estate and consumer loans [5][7] - Total deposits were $317.3 million as of June 30, 2025, showing modest growth from the previous quarter [8][21] - The non-performing loans ratio was 0.51% as of June 30, 2025, a decrease of 4 basis points from March 31, 2025 [5][22] Strategic Initiatives - The company is implementing cost control measures, including an early retirement program, which resulted in non-recurring expenses of over $280,000 [4][14] - An acquisition of VA Wholesale Mortgage, Inc. is expected to close in August 2025, which will enhance the bank's mortgage banking capabilities [5][10] - A new credit card program was launched in June 2025 to attract new customers and enhance service offerings [5][13] Capital and Liquidity - Regulatory capital ratios remain above the well-capitalized minimum levels, with a Tier I Risk-Based Capital Ratio of 14.91% as of June 30, 2025 [11][22] - The bank maintains strong liquidity with $31.4 million in borrowing capacity from the FHLB and additional access to wholesale funding [10][11] - The allowance for loan losses stood at 1.21% of loans, indicating a conservative approach to credit risk management [6][22]

Core Viewpoint - The Bank of Glen Burnie is expanding its lending team to enhance its commercial banking and lending portfolios, with key promotions and new appointments aimed at driving growth and profitability [1][2][5]. Group 1: Leadership Changes - Jonathan Shearin has been promoted to chief lending officer, effective March 13, 2025, after demonstrating significant impact on the loan portfolio since joining the bank in 2024 [1][2]. - Jeff Welch has been appointed as executive vice president and chief credit officer, effective March 31, 2025, bringing over 40 years of experience in risk management and lending [1][3][5]. Group 2: Strategic Focus - Shearin's role will focus on driving sales and revenue, developing the bank's lending strategy, and overseeing loan production and growth objectives [2][5]. - Welch will manage credit risk, evaluate loan applications, and ensure regulatory compliance related to credit risk [2][3]. Group 3: Company Background - Glen Burnie Bancorp is a bank holding company founded in 1949, operating The Bank of Glen Burnie, which has seven branches in Anne Arundel County, Maryland [6][7]. - The bank engages in commercial and retail banking, including various loan origination services and deposit acceptance [6][7].