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Stanford Hess (NYSE:HES), a director at Glen Burnie Bancorp (NASDAQ:GLBZ), recently acquired additional shares of the company’s common stock, according to a recent SEC filing. The micro-cap bank, currently valued at $15.23 million, has seen its stock surge 22% in the past week according to InvestingPro data. Hess purchased a total of 1,900 shares in two separate transactions. The first transaction took place on June 14, 2024, where he bought 1,000 shares at a price of $3.798 per share. The second transaction occurred on May 13, 2025, with the purchase of 900 shares at $5.05 per share. The total value of these transactions amounted to $8,343. Following these acquisitions, Hess now holds a total of 2,000 shares directly. The stock currently trades at $5.25 and offers a notable 7.97% dividend yield, having maintained dividend payments for 28 consecutive years according to InvestingPro, which has identified several additional key metrics and insights available to subscribers.
In other recent news, Glen Burnie Bancorp held its Annual Meeting of Stockholders, where major decisions included the election of directors and the approval of executive compensation. Approximately 68.35% of eligible shares were represented, and four director nominees were elected to serve three-year terms. Additionally, the stockholders authorized the appointment of an independent auditor for the fiscal year ending December 31, 2025. In another development, Glen Burnie Bancorp announced an early retirement package for employees aged 65 and older with at least ten years of service, leading to significant expected annual savings. Eight employees accepted the offer, resulting in a one-time expense of approximately $292,675, but the company anticipates net annual savings of about $380,000. Furthermore, Glen Burnie Bancorp has made strategic changes to its lending team, promoting Jonathan Shearin to Chief Lending Officer and appointing Jeff Welch as Executive Vice President and Chief Credit Officer. These appointments are part of the company’s initiative to expand its commercial banking and lending portfolios. The Bank of Glen Burnie’s leadership expressed confidence in these changes, aiming to enhance loan production and manage credit risk effectively.
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