Unassociated Document

 
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