8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 31, 2008

GLEN BURNIE BANCORP

(Exact name of registrant as specified in its charter)

Maryland	0-24047	52-1782444
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification No.)

101 Crain Highway, S.E., Glen Burnie, Maryland 21061

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (410) 766-3300

Inapplicable

(Former Name or Former Address if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02. Results of Operations and Financial Condition.

On October 31, 2008, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended September 30, 2008. A copy of the Company’s press release announcing such results dated October 31, 2008 is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933.

Item 9.01.Financial Statements and Exhibits.

(c)Exhibits

The following exhibits are filed herewith:

Exhibit No.
99.1	Press Release dated October 31, 2008

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: November 3, 2008	By:	/s/ Michael G. Livingston
		Michael G. Livingston
		President and Chief Executive Officer

EX-99.1

   NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:	Yvonne “Rie” Atkinson
	410-768-8857 (office)
	ratkinson@bogb.net

GLEN BURNIE BANCORP RELEASES 3Q EARNINGS

GLEN BURNIE, MD (October 31, 2008) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The company realized a net loss of $2,118,000 or $0.71 basic loss per share in the quarter ended September 30, 2008 compared to net income of $785,000 or $0.26 basic earnings per share for the same three-month period in 2007. This loss is a direct result of the government intervention into Fannie Mae and Freddie Mac. For the nine months ending September 30, 2008, net losses were $978,000 or $0.33 basic loss per share as compared to net income of $2,082,000 or $0.70 basic earnings per share for the same period in 2007.

Despite the loss the bank achieved the following highlights:

· 16.16% increase in year to date loans

· 6.32% increase in year to date deposits

· 10.27% Tier 1 leveraged ratio, FDIC required level of 4.0%

“As we previously reported in a Press Release dated September 10, 2008, the losses incurred were a result of actions taken by the government in relation to Fannie Mae and Freddie Mac which affected our securities portfolio. In the fourth quarter we will recognize a tax credit of $1,110,000. Had the Emergency Economic Stabilization Act of 2008 been enacted during the third quarter of 2008 the company would have recognized $132,000 in net income in the nine month period ending September 30, 2008.” commented Michael G. Livingston, President and Chief Executive Officer. “The company continues to have strong core earnings and remains extremely well capitalized.”

Total interest income for the quarter ending September 30, 2008 was $4,667,000 as compared to $4,476,000 for the same period in 2007. Total interest income was $13,572,000 for the nine months ending September 30, 2008 as compared to $13,350,000 for the same period in 2007. For the three month period ending September 30, 2008, net interest income after provision for credit losses was $2,882,000 as compared to $3,035,000 for the same period in 2007. For the nine months ending September 30, 2008 net interest income after provision for credit losses was $8,533,000 as compared to $8,835,000 for the same period in 2007.

On October 6, 2008, Glen Burnie Bancorp paid its 64^th consecutive dividend to shareholders of record at the close of business on September 26, 2008.

The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 26 consecutive quarters. This distinction denotes the highest level of strength, safety and performance measured by Bauer and 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 $329 million. Founded in 1949, The Bank of Glen Burnie ® is a locally-owned 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.

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands)

	(unaudited)
	September			December
	30, 2008			31, 2007
Assets
Cash and due from banks	$	9,228		$	8,221
Interest bearing deposits		8,938			5,847
Federal funds sold		52			727
Investment securities		61,924			77,866
Common Stock in the Glen Burnie Statutory Trust I		155			155
Loans, net of allowance		232,034			199,753
Premises and equipment at cost, net of accumulated depreciation		3,129			3,088
Other real estate owned		600			50
Other assets		13,198			11,567
Total assets	$	329,258		$	307,274
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	268,895		$	252,917
Short-term borrowings		350			503
Long-term borrowings		27,081			17,107
Junior subordinated debentures owed to unconsolidated subsidiary trust		5,155			5,155
Other liabilities		1,722			1,856
Total liabilities		303,203			277,538
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2008 2,968,462 shares; December 31, 2007 2,498,465 shares		2,968			2,499
Surplus		11,577			11,921
Retained earnings		13,194			15,750
Accumulated other comprehensive loss, net of tax benefits		(1,684	)		(434	)
Total stockholders' equity		26,055			29,736
Total liabilities and stockholders' equity	$	329,258		$	307,274

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	(unaudited)					(unaudited)
	2008			2007		2008			2007
Interest income on
Loans, including fees	$	3,780		$	3,411	$	10,642		$	9,833
U.S. Treasury and U.S. Government agency securities		455			604		1,572			1,997
State and municipal se1curities		353			338		1,073			1,114
Other		79			123		285			406
Total interest income		4,667			4,476		13,572			13,350
Interest expense on
Deposits		1,141			1,146		3,522			3,651
Junior subordinated debentures		137			137		410			410
Long-term borrowings		235			106		611			317
Short-term borrowings		33			52		50			87
Total interest expense		1,546			1,441		4,593			4,465
Net interest income		3,121			3,035		8,979			8,885
Provision for credit losses		239			0		446			50
Net interest income after provision for credit losses		2,882			3,035		8,533			8,835
Other income
Service charges on deposit accounts		181			205		554			604
Other fees and commissions		237			249		652			690
Other non-interest income		(14	)		4		(11	)		13
Income on life insurance		67			66		203			198
Gains on investment securities		86			115		141			120
Total other income		557			639		1,539			1,625
Other expenses
Salaries and employee benefits		1,608			1,575		4,784			4,743
Occupancy		220			221		676			670
Impairment of securities		2,816			0		2,816			0
Other expenses		710			829		2,343			2,410
Total other expenses		5,354			2,625		10,619			7,823
(Loss) income before income taxes		(1,915	)		1,049		(547	)		2,637
Income tax expense		203			264		431			555
Net (loss) income	$	(2,118	)	$	785	$	(978	)	$	2,082
Net (loss) income per share of common stock	$	(0.71	)	$	0.26	$	(0.33	)	$	0.70
Weighted-average shares of common stock outstanding		2,972,016			2,990,105		2,985,757			2,987,349