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Glen Burnie Bancorp Declares 4Q Dividends

^{Published on 2008-12-15 09:42:02 - Market Wire}
 

GLEN BURNIE, Md.--([ BUSINESS WIRE ])--Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today announced that on December 11, 2008 its Board of Directors declared a regular dividend of ten cents ($0.10) per share of common stock as well as a bonus dividend of five cents ($0.05) per share. This action marks the company's 65^th consecutive dividend and the eighth consecutive year-end bonus dividend.

The regular dividend is payable on January 9, 2009 and the bonus dividend is payable on January 12, 2009 to shareholders of record at the close of business on December 29, 2008. As of December 12, 2008, Glen Burnie Bancorp had 2,957,662 common shares outstanding with approximately 450 shareholders of record.

On December 11, 2008 the Board of Directors approved the extension of the Stock Repurchase Plan announced last February. The Board had initially authorized the repurchase of up to $1,000,000 through December 31, 2008, and $502,982 of stock has been purchased to date, leaving a balance of $497,018. The Board has now authorized the replenishment of the authorized fund to a full $1,000,000 and extended the program through December 31, 2009. Mr. Livingston stated, "The Bancorp is very well capitalized and given the current market price of the Bancorp stock this is an excellent use of our capital."

Mr. Livingston also stated, "We evaluated the TARP capital purchase program and determined that participation in the program is not in the best interest of our shareholders or the company. We continue to be extremely well capitalized and as such we are not in need of the additional capital." The Bank, however, did choose to participate in the FDIC's Transaction Account Guarantee Program. All noninterest-bearing transactions accounts are fully guaranteed by the FDIC for the entire amount under this program.

The Bank of Glen Burnie has earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation's leading independent bank research firm, for 27 consecutive quarters. This distinction denotes the highest level of strength, safety and performance measured by Bauer. The 5-Star Superior Rating is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $325 million. Founded in 1949, The Bank of Glen Burnie ® is a community bank with eight branch offices serving Anne Arundel County. ([ www.thebankofglenburnie.com ]).

Certain information contained in this news release, which does not relate to historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Such statements are subject to certain risks and uncertainties, which could cause the company's actual results in the future to differ materially from its historical results and those presently anticipated or projected.For a more complete discussion of these and other risk factors, please see the company's reports filed with the Securities and Exchange Commission.