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 20, 2017
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:
¨ 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 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 20, 2017, the Board of Directors of Glen Burnie Bancorp (the “Company”) approved the appointment of Jeffrey D. Harris as Treasurer and Chief Financial Officer of the Company, and Chief Financial Officer/Senior Vice President and Treasurer of the Company’s wholly-owned subsidiary, The Bank of Glen Burnie (the “Bank”), effective March 30, 2017.
Mr. Harris, age 61, has been in the banking industry since 1981. From March, 2014 he has been serving as Senior Vice President/Controller of Bay Bank. From August 2012 until March 2014, Mr. Harris was Vice President and Controller at CFG Community Bank, and from September 2009 until August 2012, he served acting CFO, Vice President and Controller at Harvest Bank of Maryland. From January 2008 until July 2009, Mr. Harris was Vice President Finance and Accounting at Suburban Federal Savings Bank, and from March 1981 until December 2007 he served in various capacities at Federal Home Loan Mortgage Corporation (Freddie Mac). Mr. Harris received a Bachelor’s degree in accounting from George Washington University of Maryland in 1977, and became a certified public accountant in 1980.
Under the terms of Mr. Harris’ employment, he will receive an annual base salary of $155,000, 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. Harris’ employment may be terminated by either party at any time.
| Item | 9.01. | Financial Statements and Exhibits. |
(c) Exhibits
The following exhibits are filed herewith:
Exhibit No.
| 10.1 | Employment Letter between The Bank of Glen Burnie and Jeffrey D. Harris |
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 22, 2017 | By: | /s/ John D. Long | |||
| John D. Long | |||||
| Chief Executive Officer | |||||
EXHIBIT 10.1
[THE BANK OF GLEN BURNIE LETTERHEAD]
March 14, 2017
Mr. Jeffrey D. Harris
2908 Sissinghurst Place
Upper Marlboro, Md. 20774
Dear Jeffrey,
On behalf of The Bank of Glen Burnie and the Board of Directors, it is my pleasure to offer you the position of Chief Financial Officer/Senior Vice President, reporting to John D. Long, President/CEO. This position has an annual salary of $155,000.00, which will be paid to you on a bi-weekly basis (less withheld taxes as required by law and such other amounts as you authorize in writing to be deducted).
The bonus plan for 2017 and beyond, should such a plan exist, is based upon the goals and objectives agreed to in the performance development planning process with John D. Long and Board approval.
Merit increases with The Bank of Glen Burnie are implemented on a common date in November of each year for Senior Management. Evaluations and merit increases are predicated upon performance during the preceding fiscal year.
As a full-time salaried employee, you are eligible to participate in the following plans: Medical, Dental, Vision, Short Term, Long Term Disability, 401(k), Group Term Life, Accidental Death and Dismemberment, Flexible Spending Account and Annual Leave. Details of these plans will be communicated to you in the orientation packet.
Your employment with The Bank of Glen Burnie is at-will and either party can terminate the relationship at any time with or without notice. You acknowledge that this offer letter represents the entire agreement between you and The Bank of Glen Burnie. This offer letter does not constitute a contract of employment for any period of time and constitutes the full commitments that have been extended to you.
Should you have any questions please contact me at 410-768-8855. The skills and knowledge you will bring with you will be a definite asset to our organization. We look forward to having you join the Bank.
If you are in agreement with the above outline, kindly indicate your understanding and acceptance of our offer by signing below and returning a copy in the enclosed envelope within seven (7) days of receipt.
Sincerely,
/s/
Michelle R. Stambaugh
SVP, Director Human Resources
I agree to the terms of the employment above.
| /s/ | |||
| Jeffrey Harris | |||
| 3/21/17 | |||
| Date | |||
| 3/30/17 | |||
| Employment Date | |||