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 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 income of $153,000 for Q1 2025, a significant increase from $3,000 in Q1 2024, indicating improved profitability [1][11] - The bank's total assets as of March 31, 2025, were $358.0 million, reflecting a slight decrease of 0.27% from the previous quarter [7][28] - The company is focused on growing loans and deposits while maintaining disciplined lending practices to enhance revenues and profitability [2][4] Financial Performance - Net interest income for Q1 2025 was $2.56 million, a decrease of $8,000 or 0.31% compared to $2.57 million in Q1 2024, primarily due to increased interest expenses [3][13] - The return on average assets for Q1 2025 was 0.17%, up from 0% in Q1 2024, while the return on average equity increased to 3.22% from 0.06% [5][28] - Noninterest income decreased to $205,000 in Q1 2025 from $229,000 in Q1 2024 [17][25] Balance Sheet Highlights - Total deposits increased to $317.3 million as of March 31, 2025, a rise of 2.61% from $309.2 million at the end of 2024 [8][28] - Loans, net of deferred fees and costs, rose to $207.4 million, an increase of 1.06% from $205.2 million at the end of 2024, and a 16.52% increase year-over-year [7][28] - Total stockholders' equity increased to $19.2 million, representing 5.36% of total assets, up from $17.8 million (4.96% of total assets) at the end of 2024 [9][28] Asset Quality - Nonperforming assets represented 0.32% of total assets as of March 31, 2025, compared to 0.10% at the end of 2024, indicating a slight deterioration in asset quality [10][28] - The allowance for credit losses stood at $2.7 million, or 1.30% of total loans, down from 1.38% at the end of 2024 [10][28] Strategic Initiatives - The company is implementing measures to reduce non-interest expenses, including branch closures and an early retirement program [12][18] - Glen Burnie Bancorp aims to enhance its funding sources and earning assets while building infrastructure to support customer relationships [2][4]

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].