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):  March 18, 2009

GLEN BURNIE BANCORP

(Exact name of registrant as specified in its charter)

Maryland	0-24047	52-1782444
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer 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)

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

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

¨ 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 1.01. Entry into a Material Definitive Agreement.

On March 18, 2009, Glen Burnie Bancorp (the “Company”) entered into a Stock Repurchase Agreement (the “Stock Repurchase Agreement”) with Eugene P. Nepa (“Mr. Nepa”), pursuant to which the Company agreed to purchase all of Mr. Nepa’s share holdings in the Company (274,179 shares).  The purchase price for the shares was $9.30 per share, and the total consideration paid by the Company to Mr. Nepa in connection with the stock repurchase was $2,549,864.70.

The foregoing description of the Stock Repurchase Agreement is qualified in its entirety by reference to the complete terms and conditions of the Stock Repurchase Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On March 18, 2009, the Company issued a press release announcing its entry into the Stock Repurchase Agreement.  A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.                                Financial Statements and Exhibits.

(c)           Exhibits

The following exhibits are filed herewith:

Exhibit No.

99.1 Press Release dated March 18, 2009

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: March 18, 2009	By:	/s/ Michael G. Livingston
		Michael G. Livingston
		Chief Executive Officer

EX-99.1

N E W S   R E L E A S E

FOR IMMEDIATE RELEASE

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

Glen Burnie Bancorp Announces Large Repurchase of Common Stock

GLEN BURNIE, MD (March 18, 2009) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported that it has repurchased all 274,179 shares of its common stock held by Eugene P. Nepa in a privately negotiated transaction.

Pursuant to today’s agreement, the Company has purchased all of Mr. Nepa’s share holdings, or approximately 9.24% of the Company’s total outstanding common stock, for $9.30 per share, or a total of $2,549,864.70.  The price per share was determined in negotiations and is $0.10 per share less than book value (based on the total stockholders’ equity as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008).  The purchase will be funded through available cash.  The Company expects that this transaction will be accretive to earnings per share for the current fiscal year.

Michael G. Livingston, President and Chief Executive Officer of the Company, said, “Since our announced stock buyback program we have repurchased 55,300 shares.  We are now pleased that a large block of shares became available from one stockholder for repurchase.  We are able to purchase this number of shares in a single transaction at an attractive price.  This is an excellent investment for the Bank and demonstrates our commitment to enhancing value for our remaining stockholders.  The Bank is well capitalized, and as previously announced, the Bank had elected not to take any TARP funds and TARP funds were not needed to execute this transaction.”

The Company’s Board of Directors has authorized the repurchase of Mr. Nepa’s shares in addition to the Company’s ongoing repurchase program.  Accordingly, the Company is still authorized to purchase up to $953,493 of the Company’s common stock in the open market (including through block trades) or in private transactions, at times and in amounts which management deems appropriate.  The stock repurchase program can be terminated, extended or limited at any time.

Glen Burnie Bancorp, parent company to The Bank of Glen BurnieÒ, currently maintains consolidated assets totaling more than $330 million.  Founded in 1949, The Bank of Glen BurnieÒ is a community bank with eight branch offices serving Anne Arundel County.  www.thebankofglenburnie.com

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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.