Glen Burnie Bancorp Announces 2024 Annual Meeting of Stockholders

TL;DR

<b>Glen Burnie Bancorp will hold its 2024 Annual Meeting of Stockholders on May 9, 2024, to elect directors and ratify auditors.</b>

AI Summary

GLEN BURNIE BANCORP (GLBZ) filed a Proxy Statement (DEF 14A) with the SEC on April 3, 2024. The 2024 Annual Meeting of Stockholders for Glen Burnie Bancorp will be held on May 9, 2024, at 2:00 p.m. Eastern Time. The meeting will take place in-person at The Bank of Glen Burnie, 101 Crain Highway, SE, Glen Burnie, Maryland. Key agenda items include electing three directors and ratifying the appointment of auditors for the 2024 fiscal year. Stockholders are encouraged to vote by proxy card or online at www.investorvote.com/glbz. The company will also report on the operations of its subsidiary, The Bank of Glen Burnie.

Why It Matters

For investors and stakeholders tracking GLEN BURNIE BANCORP, this filing contains several important signals. This meeting is a crucial opportunity for shareholders to exercise their voting rights on corporate governance matters, including director elections and auditor ratification. The annual meeting provides a platform for the company to update stockholders on its performance and operations, fostering transparency and engagement.

Risk Assessment

Risk Level: low — GLEN BURNIE BANCORP shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational red flags.

Analyst Insight

Stockholders should review the proxy materials carefully to make informed voting decisions on director nominees and auditor ratification.

Key Numbers

• May 9, 2024 — Annual Meeting Date (Date of the 2024 Annual Meeting of Stockholders)
• 2:00 p.m. Eastern Time — Meeting Time (Time of the 2024 Annual Meeting of Stockholders)
• Three — Directors to be Elected (Number of directors to be elected at the meeting)
• 2024 — Fiscal Year (Fiscal year for which auditors are being ratified)

Key Players & Entities

• GLEN BURNIE BANCORP (company) — Registrant name
• The Bank of Glen Burnie (company) — Wholly owned subsidiary
• UHY LLP (company) — Independent auditors
• John E. Demyan (person) — Chairman
• Mark C. Hanna (person) — President and Chief Executive Officer
• May 9, 2024 (date) — Annual Meeting date
• 2024 (date) — Fiscal year for auditor ratification
• 2023 (date) — Fiscal year for Annual Report

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must comply with all SEC rules and regulations regarding proxy solicitations and annual meetings.
• Conduct of Annual Meeting [low — operational]: Ensuring the smooth execution of the annual meeting, including in-person attendance and online voting processes.
• Auditor Ratification [low — financial]: The ratification of the independent auditors is a standard procedure but requires shareholder approval.

Key Dates

• 2024-05-09: Annual Meeting of Stockholders — Key date for shareholder voting on directors and auditors.

Glossary

Proxy Statement

A document filed with the SEC that contains information that shareholders need to make informed decisions about matters presented at a shareholder meeting. (Provides essential details for shareholders to vote on director elections and auditor ratification.)

Audit Committee

A committee of the board of directors responsible for overseeing financial reporting and internal controls. (Responsible for selecting and recommending the company's independent auditors.)

Key Financial Figures

• $1.00 — Company&rsquo;s common stock, par value $1.00 per share (the &ldquo;Common Stock&rdqu
• $1,250 — Currently, directors are paid a fee of $1,250 for each combined regular or special me
• $77,663 — . Demyan was compensated at the rate of $77,663 per annum for the additional responsibi
• $300 — mittee meetings) are paid an additional $300 chair fee, an additional $350 for the A
• $350 — dditional $300 chair fee, an additional $350 for the Audit Committee chair and $250
• $250 — $350 for the Audit Committee chair and $250 for audit committee members, or $200 me
• $200 m — nd $250 for audit committee members, or $200 member fee, as applicable, for each commi
• $1,921 — his other compensation consists of: (a) $1,921 as a 3% employer contribution and $614
• $614 — 1,921 as a 3% employer contribution and $614 as an employer matching contribution to
• $10,490 — Burnie 401(K) Profit Sharing Plan; (b) $10,490 employer match for the 401(K) contribut
• $47 — 01(K) contribution by the employee; (c) $47 representing the dollar value to Mr. De
• $559 — surance policy for his benefit, and (d) $559 for disability insurance benefits. 6

Filing Documents

• tm242851d1_def14a.htm (DEF 14A) — 199KB
• tm242851d1_def14aimg001.jpg (GRAPHIC) — 7KB
• tm242851d1_def14aimg01.jpg (GRAPHIC) — 184KB
• tm242851d1_def14aimg02.jpg (GRAPHIC) — 182KB
• tm242851d1_def14aimg03.jpg (GRAPHIC) — 109KB
• tm242851d1_def14aimg04.jpg (GRAPHIC) — 129KB
• 0001104659-24-042866.txt (&nbsp;) — 1043KB

From the Filing

DEF 14A 1 tm242851d1_def14a.htm DEF 14A SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 Glen Burnie Bancorp (Name of Registrant as Specified in Its Charter) N/A (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee previously paid with preliminary materials. Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. April 5, 2024 Dear Fellow Stockholder: You are cordially invited to attend the 2024 Annual Meeting of Stockholders of Glen Burnie Bancorp (the &ldquo;Company&rdquo;). You will be able to attend and participate in the Annual Meeting in-person this year. The meeting will be held at The Bank of Glen Burnie, 101 Crain Highway, SE, Glen Burnie, Maryland, on Thursday, May 9, 2024, at 2:00 p.m., Eastern Time. The accompanying notice and proxy statement describe the formal business to be transacted at the meeting which includes electing three directors; ratifying the Board of Directors&rsquo; acceptance of the auditors selected by the Audit Committee for the 2024 fiscal year; and transacting such other business as may properly come before the Annual Meeting or any adjournments thereof. Accompanying this proxy statement are a proxy card and an Annual Report to Stockholders for the 2023 fiscal year. During the meeting, we will report on the operations of the Company&rsquo;s wholly owned subsidiary, The Bank of Glen Burnie. Directors and officers of the Company as well as representatives of UHY LLP, Certified Public Accountants, our independent auditors, will be present to respond to any questions the stockholders may have. ON BEHALF OF THE BOARD OF DIRECTORS, WE URGE YOU TO EITHER SIGN, DATE AND RETURN THE ACCOMPANYING PROXY CARD AS SOON AS POSSIBLE OR YOU CAN ALSO VOTE ONLINE AT WWW.INVESTORVOTE.COM/GLBZ. YOU WILL NEED YOUR CONTROL NUMBER TO VOTE ONLINE (SEE INSTRUCTIONS ON PROXY CARD). This will not prevent you from voting in person but will ensure that your vote is counted if you are unable to attend the meeting. Your vote is important, regardless of the number of shares you own. If you plan to attend the meeting, please check the box on the enclosed form of proxy. Sincerely, John E. Demyan Mark C.Hanna Chairman President and Chief Executive Officer GLEN BURNIE BANCORP 101 Crain Highway, S.E. Glen Burnie, Maryland 21061 (410) 766-3300 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held on May 9, 2024 NOTICE IS HEREBY GIVEN that the 2024 Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;) of Glen Burnie Bancorp (the &ldquo;Company&rdquo;) will be held in person at The Bank of Glen Burnie, 101 Crain Highway, SE, Glen Burnie, Maryland for shareholders, on Thursday, May 9, 2024, at 2:00 p.m., Eastern Time. A proxy statement and proxy card for the Annual Meeting accompany this notice. The Annual Meeting has been called for the following purposes: 1. To elect three directors; 2. To ratify the acceptance by the Board of Directors of the selection of the Audit Committee of an outside auditing firm for the 2024 fiscal year; and 3. To transact such other business as may properly come before the Annual Meeting or any adjournments thereof. Any action may be taken on any one of the foregoing proposals at the Annual Meeting on the date specified above or on any date or dates to which, by original or later adjournment, the Annual Meeting may be adjourned. Stockholders of record at the close of business on March 20, 2024, are the only stockholders entitled to notice of and to vote at the Annual Meeting and any adjournments thereof. You are requested to complete and sign the accompanying proxy card, which is solicited by the Board of Directors and to mail it promptly in the accompanying envelope or vote online at WWW.INVESTORVOTE.COM/GLBZ. The proxy card or electronic vote will not be used if you attend and vote at the Annual Meeting in person. BY ORDER OF THE BOARD OF DIRECTORS Michelle Stambaugh SECRETARY Glen Burnie, Maryland April 5, 2024 IMPORTANT: THE PROMPT RETURN OF PROXIES WILL SAVE YOUR COMPANY THE EXPENSE OF FURTHER REQUESTS FOR PROXIES IN ORDER TO ENSURE A QUORUM. A SELF-ADDRESSED ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. YOU CAN ALSO VOTE ONLINE AT WWW.INVESTORVOTE.COM/GLBZ. YOU WILL NEED YOUR CONTROL NUMBER TO VOTE ONLINE (ON PROXY CARD). EVEN IF YOU PLAN TO ATTEND THE MEETING IN PERSON,

View Full Filing

View this DEF 14A filing on SEC EDGAR