Glen Burnie Bancorp announces early retirement package

GLEN BURNIE, MD – Glen Burnie Bancorp (NASDAQ:GLBZ), the parent company of The Bank of Glen Burnie, has disclosed an early retirement incentive offered to qualifying employees, which is expected to lead to significant annual savings for the company. The small-cap bank, currently valued at $15.11 million, has been facing profitability challenges, with revenue declining 14.35% over the last twelve months according to InvestingPro data.

On March 12, 2025, the Bank extended an early retirement package to employees who were at least 65 years old as of December 31, 2024, and had a minimum of ten years of service. The package includes two weeks of salary for each year of service plus an additional two months of salary.

Eight employees have accepted the offer, which will result in one-time salary expenses of approximately $292,675 during the fiscal quarter ending June 30, 2025. The annual salary and benefits of these employees amounted to roughly $565,943.

Despite the initial expense, the Bank anticipates that it will not immediately fill six of the vacated positions, leading to an expected net saving of about $380,000 annually based on current salary levels. Two positions are slated to be filled at a later time.

This strategic move by Glen Burnie Bancorp aims to streamline operations and reduce costs, as indicated by the company’s filing with the United States Securities and Exchange Commission. The information provided is based on a press release statement from the company.

In other recent news, Glen Burnie Bancorp has announced changes to its lending team as part of a strategic initiative to expand its commercial banking and lending portfolios. Jonathan Shearin has been promoted to Chief Lending Officer and will lead the commercial lending team, focusing on driving sales, revenue, and the bank’s loan production and growth objectives. Shearin’s promotion became effective on March 13, 2025. Additionally, Jeff Welch has been appointed as Executive Vice President and Chief Credit Officer, bringing over 40 years of experience in banking to the role. Welch’s appointment was effective on March 31, 2025, and he will focus on managing the bank’s credit risk and ensuring the soundness of its loan portfolio. Mark C. Hanna, President and CEO of The Bank of Glen Burnie, expressed confidence in the new appointments, highlighting the potential for significant expansion of the bank’s loan portfolio while managing risk. The Bank of Glen Burnie operates seven branches in Anne Arundel County, Maryland, offering a range of commercial and retail banking services. These developments are part of the bank’s ongoing efforts to support the businesses and communities it serves.

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