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Posted 20 September, 2023

GLEN BURNIE BANCORP appointed Mr. Hanna as new CEO

Nasdaq:GLBZ appointed new Chief Executive Officer Mr. Hanna in a 8-K filed on 20 September, 2023.


  On September 14, 2023, the Board of Directors of the Company approved the appointment of Mark C. Hanna as Executive Vice President of the Bank, effective October 2, 2023, and the appointment of Mr. Hanna to succeed Mr. Long as President and Chief Executive Officer of the Company and the Bank, effective October 16, 2023.  

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Overview of GLEN BURNIE BANCORP
Financial Services • Banking
Glen Burnie Bancorp is a bank holding company, which engages in the provision of commercial and retail banking business through The Bank of Glen Burnie. The firm also acquires, holds, and disposes of real property, through GBB Properties, Inc. Its loan portfolio segments include Loans Secured by Real Estate, Commercial and Industrial Loans, and Consumer Loans. The company was founded in 1949 and is headquartered in Glen Burnie, MD.
Market Cap
$18.9M
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GLEN BURNIE BANCORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As previously announced, on June 30, 2023, John D. Long, a member of the Board of Directors and President and Chief Executive Officer of Glen Burnie Bancorp (the "Company") and its wholly-owned subsidiary, The Bank of Glen Burnie (the "Bank") since 2016, notified the Company's Board of Directors that, effective December 31, 2023, he will retire from his positions with, and as a director of, the Company and the Bank. Mr. Long has since notified the Company's Board of Directors that he would like to accelerate the date of his retirement to October 16, 2023.


On September 14, 2023, the Board of Directors of the Company approved the appointment of Mark C. Hanna as Executive Vice President of the Bank, effective October 2, 2023, and the appointment of Mr. Hanna to succeed Mr. Long as President and Chief Executive Officer of the Company and the Bank, effective October 16, 2023. The Board's appointments were made subject to agreement of terms of employment, and on September 15, 2023, Mr. Hanna and the Bank agreed to terms of employment.


Mr. Hanna, age 55, has over 30 years' experience in commercial banking, many of them with community banks. From 2017 through April 2023, Mr. Hanna served as President (adding the title of Chief Executive Officer in 2018) of F&M Bank Corp., and from 2005 until 2017 he served in various executive capacities with Eastern Virginia Bankshares and Virginia Company Bank (now part of Primis Financial Corp.). From 1990 to 2005, Mr. Hanna held different positions in large commercial banks. Mr. Hanna received a Bachelor of Science in Business Administration from Wake Forest University in 1990, and a Masters of Business Administration from the University of North Carolina at Greensboro in 1998.


Under the terms of Mr. Hanna's employment, he will receive an annual base salary of $258,000, 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. Hanna's employment may be terminated by either party at any time.