Glen Burnie Bancorp Names Felton Magee Jr. to the Board of Directors

Rhea-AI Summary

Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Felton Magee Jr. to its Board of Directors. This move aligns with The Bank of Glen Burnie's commitment to being 'the bank for business' in Anne Arundel County and surrounding areas. Magee, a Lean Six Sigma-certified and Project Management Professional, brings extensive experience in process improvement, financial management, and business growth.

Magee's background includes leadership roles at various consulting firms and a successful tenure as president and CEO of Regent HealthCare, Inc., where he oversaw two acquisitions that doubled the company's size. His appointment is part of the bank's strategy to bring in new perspectives and expertise to drive growth in its services, people, and community impact.

Positive

• Appointment of Felton Magee Jr., an experienced business leader, to the Board of Directors
• Magee's expertise in process improvement and business growth aligns with the bank's growth objectives
• Strategic move to bring new perspectives to the bank's leadership

Negative

• None.

Magee’s appointment is part of The Bank of Glen Burnie’s commitment to being “the bank for business” in Anne Arundel County and the surrounding market.

GLEN BURNIE, Md., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ: GLBZ), the parent company of The Bank of Glen Burnie^®, named Felton Magee Jr. to the Board of Directors, announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie.

“Felton is an accomplished business leader with a proven track record of identifying and implementing strategies for accelerating growth,” said Hanna. “He has skillfully navigated challenging situations using his expertise to streamline business processes, boost profitability, and deliver impactful results. Felton strikes the perfect balance between analytical precision and a people-centered approach. In a word, our goal is growth—growing the Bank, growing our people, and growing how we serve our communities. I’m confident Felton will play a key role in helping us achieve this objective.”

Glen Burnie Bancorp Chairman of the Board John E. Demyan stated, “The Bank has 75 years of strength and soundness to build on and is well-positioned for the opportunities that lie ahead. Over the past year, we have purposed to bring in new perspectives for the Bank and the Board. Felton is a testament to that objective, offering a rare and valuable caliber of expertise in process improvement. I am excited to work alongside him as we continue to grow The Bank of Glen Burnie.”

Magee grew up in New Orleans, Louisiana, and moved to Upper Marlboro, Maryland, as a young teen. He completed his undergraduate studies at Bowie State University with a Bachelor of Science in Banking and Finance and earned a Master of Business Administration from Loyola University. Magee is Lean Six Sigma-certified and is a certified Project Management Professional; designations that demonstrate expertise in streamlining processes, improving efficiency, and reducing waste while enhancing quality.

A United States Air Force veteran, Magee started his career in the civil engineering squadron. Following his military service, he worked for the United Parcel Service for nearly a decade as a finance manager, then served in leadership positions of progressive responsibility at Arthur Andersen Management Consulting; Thompson, Cobb, Bazilio & Associates (later Bazilio, Cobb & Associates); and Promesa Consulting Group, Inc. Magee also served as chief financial officer at Family Matters of Greater Washington. At each of these organizations, he brought to bear financial acumen and leadership skills to improve cost, quality performance, and growth.

More recently, Magee served as president and CEO of Regent HealthCare, Inc., Maryland's largest non-franchised private pay home care company. During that time, he oversaw two successful acquisitions that doubled the company's size and expanded operations to include Southern Maryland and Maryland's Eastern Shore. He is now the president and CEO of Regent Healthcare Holdings and is active in real estate development.

"I am excited to join the Board and help build on the bank's already impressive legacy,” said Magee. “As a community bank, The Bank of Glen Burnie is an essential source of funding for small businesses, both those starting up and established companies accessing the cash they need to grow. The Bank has been a steady presence for seven-and-a-half decades and is well-positioned to accelerate its growth. As a Board member, I aim to leverage my experience improving business performance to help The Bank of Glen Burnie reach new heights."

About Glen Burnie Bancorp

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie^® is a locally owned community bank with eight Anne Arundel County branches. The Bank is engaged in commercial and retail banking, including accepting demand and time deposits and originating loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not 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. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the Company’s reports filed with the Securities and Exchange Commission.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b13074f4-6876-4ed9-8bc4-3d8a9d53f794

FAQ

Who is the new Board member appointed by Glen Burnie Bancorp (GLBZ)?

Glen Burnie Bancorp (GLBZ) has appointed Felton Magee Jr. to its Board of Directors.

What experience does Felton Magee Jr. bring to Glen Burnie Bancorp's (GLBZ) Board?

Felton Magee Jr. brings experience in process improvement, financial management, and business growth. He is Lean Six Sigma-certified and a Project Management Professional with leadership roles in consulting firms and as CEO of Regent HealthCare, Inc.

How does Felton Magee Jr.'s appointment align with Glen Burnie Bancorp's (GLBZ) strategy?

Magee's appointment aligns with Glen Burnie Bancorp's strategy to bring in new perspectives and expertise to drive growth in its services, people, and community impact, supporting its commitment to being 'the bank for business' in its market.

What is Glen Burnie Bancorp's (GLBZ) main goal with this new Board appointment?

Glen Burnie Bancorp's main goal with this appointment is growth - growing the Bank, its people, and how it serves its communities. The company believes Magee will play a key role in achieving this objective.