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.
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 23, 2016, John M. Wright, Senior Vice President and
Chief Financial Officer of Glen Burnie Bancorp (the Company), and
Treasurer and Chief Financial Officer of the Companys
wholly-owned subsidiary, The Bank of Glen Burnie (the Bank),
resigned from his positions effective December 16, 2016, to
pursue other opportunities. The Company will commence a search
for a new Chief Financial Officer.
On November 28, 2016, the Board of Directors of the Company and
the Bank approved the appointment of John D. Long as interim
Treasurer of the Company and interim Chief Financial Officer of
the Bank, effective December 16, 2016, to serve in such
capacities until a new Chief Financial Officer is identified and
hired. Mr.Long, age 60, has served as a director and as the Chief
Executive Officer of the Company and the Bank since April 1, 2016
and will continue in that role. Mr. Long has 38 years experience
in commercial banking. From October 2014 until he joined the
Company and the Bank, Mr. Long was an independent consultant
advising commercial banks on commercial loan structuring. From
2009 through 2014, Mr. Long served as Senior Group Manager at PNC
Bank, N.A., and from 2000 until 2009 he served as Senior Vice
President at Mercantile Mortgage Corporation. Mr. Long received a
Bachelor of Science degree in accounting and business
administration from Washington and Lee University in 1978, and
became a Maryland Certified Public Accountant in 1983.
No new compensatory arrangements were entered into in connection
with Mr. Long’s appointment as interim Chief Financial Officer.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
The following exhibits are filed herewith:
Exhibit No.
| 99.1 |
Press Release dated November 28, 2016 |
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 00.00 at 10.92 with 4,542 shares trading hands.