GLEN BURNIE BANCORP (NASDAQ:GLBZ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 20, 2017, the Board of Directors of Glen Burnie Bancorp
(the Company) approved the appointment of
Jeffrey D. Harris as Treasurer and Chief Financial Officer of the
Company, and Chief Financial Officer/Senior Vice President and
Treasurer of the Companys wholly-owned subsidiary, The Bank of
Glen Burnie (the Bank), effective March 30,
2017.
Mr. Harris, age 61, has been in the banking industry since 1981.
From March, 2014 he has been serving as Senior Vice
President/Controller of Bay Bank. From August 2012 until March
2014, Mr. Harris was Vice President and Controller at CFG
Community Bank, and from September 2009 until August 2012, he
served acting CFO, Vice President and Controller at Harvest Bank
of Maryland. From January 2008 until July 2009, Mr. Harris was
Vice President Finance and Accounting at Suburban Federal Savings
Bank, and from March 1981 until December 2007 he served in
various capacities at Federal Home Loan Mortgage Corporation
(Freddie Mac). Mr. Harris received a Bachelors degree in
accounting from George Washington University of Maryland in 1977,
and became a certified public accountant in 1980.
Under the terms of Mr. Harris employment, he will receive an
annual base salary of $155,000, subject to merit increases in the
discretion of management, plus benefits. In addition, he is
eligible to receive incentive compensation in accordance with the
policies of the Bank for its executive officers if certain
performance goals are met. Mr. Harris employment may be
terminated by either party at any time.
| Item | 9.01. | Financial Statements and Exhibits. |
(c)Exhibits
The following exhibits are filed herewith:
Exhibit No.
| 10.1 |
Employment Letter between The Bank of Glen Burnie and Jeffrey D. Harris |
About GLEN BURNIE BANCORP (NASDAQ:GLBZ)
Glen Burnie Bancorp is the bank holding company for The Bank of Glen Burnie (the Bank), a commercial bank. The Bank is engaged in the commercial and retail banking business, including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. Its real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. Its lending activities include residential and commercial real estate loans, construction loans, land acquisition and development loans, and consumer installment lending, including indirect automobile lending. Its deposit products include regular savings accounts (statements), money market deposit accounts, demand deposit accounts, negotiable order of withdrawal (NOW) checking accounts, individual retirement account (IRA) and simplified employee pension (SEP) accounts, Christmas club accounts and certificates of deposit. GLEN BURNIE BANCORP (NASDAQ:GLBZ) Recent Trading Information
GLEN BURNIE BANCORP (NASDAQ:GLBZ) closed its last trading session down -0.40 at 11.60 with 0 shares trading hands.
