GLBZ Taps CEO to Cover Finance Seat as CFO Departs June 30

Rhea-AI Filing Summary

Glen Burnie Bancorp (Nasdaq: GLBZ) filed an 8-K announcing the retirement of long-time CFO Jeffrey D. Harris effective June 30 2025. A search for a successor has begun; starting July 1 2025, President & CEO Mark C. Hanna will also serve as interim Treasurer and Principal Accounting Officer. No new compensation or severance arrangements were entered into for Hanna.

To stabilize finance operations, the Company executed a Consulting Agreement with Artisan Advisors, LLC, which will supply interim executive and accounting support until a permanent CFO is hired. The filing does not alter financial guidance, disclose new metrics, or introduce compensation changes.

This constitutes a C-suite leadership change that could affect internal controls and reporting quality, although the Board has outlined an interim continuity plan.

Positive

• None.

Negative

• CFO departure on 30 Jun 2025 leaves finance leadership vacant, increasing financial reporting and governance risk until a permanent successor is appointed.

Insights

Financial Analyst

TL;DR: CFO exits; CEO covers finance—neutral until permanent hire clarified.

Leadership stability is a key valuation driver for small community banks. Harris’s retirement removes a seven-year steward of GLBZ’s balance-sheet strategy. However, placing the existing CEO in the finance seat, backed by a specialized consultant, limits execution risk in the near term. Because no guidance or performance targets were adjusted, near-term earnings estimates remain intact. Investors should monitor time-to-hire; delays beyond one or two quarters could pressure audit timelines and regulatory relations.

Corporate Governance Expert

TL;DR: Dual-hat CEO role heightens governance risk; consultant partially offsets.

Consolidating the CEO and Principal Accounting Officer roles contravenes best-practice separation of duties and may draw heightened auditor and OCC scrutiny. While the arrangement is labeled interim, even short overlaps can increase disclosure error probability. The Consulting Agreement is a prudent compensating control, yet it introduces an external cost and reliance on third-party insights. Shareholders should demand a clear hiring timeline and transparency on consultant fees to ensure the stop-gap does not become permanent.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Understanding 8-K Material Events →

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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): June 26, 2025

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).         Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock	GLBZ	Nasdaq Capital Market

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.

As previously reported, Jeffrey D. Harris, the Chief Financial Officer of Glen Burnie Bancorp (the “Company”) since 2017, announced his retirement effective June 30, 2025. The Company has commenced a search for a new Chief Financial Officer.

Effective July 1, 2025, the Board of Directors of the Company approved the appointment of Mark C. Hanna as interim Treasurer and interim Principal Accounting Officer of the Company to serve in such capacities until a new Chief Financial Officer is appointed. In his new interim role, Mr. Hanna will be responsible for supervising the functions and personnel of the Company’s accounting and financial departments until a new Chief Financial Officer is appointed. Mr. Hanna is a member of the Company’s Board of Directors and has served as the President and Chief Executive Officer of the Company since October 2023. Mr. Hanna will continue in those roles.

Mr. Hanna, age 57, has over 35 years’ experience in commercial banking, many of them with community banks. From 2017 through April 2023, Mr. Hanna served as President (adding the title of Chief Executive Officer in 2018) of F&M Bank Corp., and from 2005 until 2017 he served in various executive capacities with Eastern Virginia Bankshares and Virginia Company Bank (now part of Primis Financial Corp.). From 1990 to 2005, Mr. Hanna held different positions in large commercial banks.

No new compensatory or severance arrangements were entered into in connection with Mr. Hanna's appointment as interim Principal Accounting Officer.

On June 26, 2025, the Company also entered into a Consulting Agreement with Artisan Advisors, LLC, an Illinois-based consulting firm which offers interim executive management services to community banks. Pursuant to the terms of the Consulting Agreement, Artisan Advisors will provide functional support to the Company’s executive leadership and for the Company’s financial and accounting management personnel until a new Chief Financial Officer is appointed.

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: June 27, 2025	By:	/s/ Mark C. Hanna
		Mark C. Hanna
		Chief Executive Officer

FAQ

Why did GLBZ file an 8-K on 27-Jun-2025?

To disclose the retirement of CFO Jeffrey D. Harris, the interim appointment of CEO Mark C. Hanna as Treasurer/Principal Accounting Officer, and a consulting agreement with Artisan Advisors.

When will GLBZ's CFO Jeffrey D. Harris retire?

Harris will retire effective June 30 2025, after serving as CFO since 2017.

Who will oversee GLBZ's finance and accounting after July 1 2025?

Mark C. Hanna, the current President & CEO, will act as interim Treasurer and Principal Accounting Officer until a new CFO is hired.

Did GLBZ grant additional compensation to Mark C. Hanna for interim duties?

No. The filing states no new compensatory or severance arrangements were entered into for Hanna's interim appointment.

What services will Artisan Advisors provide under its agreement with GLBZ?

Artisan Advisors will supply interim executive management and accounting support to the Company until a permanent CFO is appointed.