UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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INFORMATION TO BE INCLUDED IN THE REPORT
| Item 8.01. | Other Events. |
On March 12, 2025, The Bank of Glen Burnie (the “Bank”), a wholly-owned banking subsidiary of Glen Burnie Bancorp (the “Company”), offered an early retirement incentive (the “Early Retirement Package”) to all Bank employees who were at least 65 years of age at December 31, 2024, had at least ten years of service at the Bank and indicated an interest in receiving an early retirement offer. Under the terms of the Early Retirement Package, the employee would receive an amount equal to two weeks of salary for every year of service plus two months of salary.
Eight employees accepted the Early Retirement Package offered to them. As a result, the Company expects to incur one-time salary expenses totaling approximately $292,675 during the Company’s fiscal quarter ending June 30, 2025. The annual salary and benefit expense for the employees who accepted the Early Retirement Package total approximately $565,943. While the Bank expects to replace two of the eight positions at a later date, the Company expects that the net savings to the Company based on current salary levels will be approximately $380,000 annually.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| GLEN BURNIE BANCORP | ||
| (Registrant) | ||
| Date: April 29, 2025 | By: | /s/ Mark C. Hanna |
| Mark C. Hanna | ||