SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K/A
(Amendment
No. 1)
x
Annual report pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal
year ended December 31, 2006 or
o
Transition report
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for
the
transition period from
to
.
Commission
file number: 0-24047
GLEN
BURNIE BANCORP
(Exact
name of registrant as specified in its charter)
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MARYLAND
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52-1782444
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(State
or other jurisdiction
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(I.R.S.
Employer
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of
incorporation or organization)
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Identification
No.)
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101
Crain Highway, S.E., Glen Burnie, Maryland
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21061
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(410)
766-3300
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Securities
registered pursuant to Section 12(b) of the Act:
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Title
of Class
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Name
of Each Exchange on Which Registered
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None
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None
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Securities
registered pursuant to Section 12(g) of the Act:
Title
of Class
Common
Stock, $1.00 par value
Common
Stock Purchase Rights
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined
in
Rule 405 of the Securities Act.
Yes oNo
x
Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Act.
Yes oNo
x
Indicate
by check mark whether the registrant: (1) has filed all reports required to
be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements
for
the past 90 days. Yes x No
o
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of registrant’s knowledge, in definitive proxy or information statement
incorporated by reference in Part III of this Form 10-K or any amendment to
this
Form 10-K. x
Indicate
by check mark if the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer. See definition of “accelerated filer and
large accelerated filer” in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer o Accelerated
Filer o Non-Accelerated
Filer x
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
Yes
o No
x
The
aggregate market value of the voting stock held by non-affiliates of the
registrant as of February 6, 2007 was $35,666,554.
The
number of shares of common stock outstanding as of February 6, 2007 was
2,484,673.
DOCUMENTS
INCORPORATED BY REFERENCE
To
the
extent specified, Part III of this Form 10-K incorporates information by
reference to the Registrant’s definitive proxy statement for its 2007 Annual
Meeting of Shareholders (to be filed).
The
Registrant hereby amends Item 5 of its Annual Report on Form 10-K for the fiscal
year ended December 31, 2006, which was filed with the Commission on March
9,
2007.
PART
II
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MARKET
FOR THE REGISTRANT’S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY
SECURITIES
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Market
for Common Stock
The
Common Stock is traded on the Nasdaq SmallCap Market under the symbol “GLBZ”. As
of February 22, 2007, there were 476 record holders of the Common Stock. The
closing price for the Common Stock on that date was $17.50. A 20% stock dividend
was paid on January 23, 2006 to stockholders’ of record on January 9,
2006.
The
following table sets forth the high and low sales prices for the Common Stock
for each full quarterly period during 2006 and 2005 as reported by Nasdaq.
The
quotations represent prices between dealers and do not reflect the retailer
markups, markdowns or commissions, and may not represent actual transactions.
Also shown are dividends declared per share for these periods. The 2005 market
prices have been adjusted to reflect the 20% stock dividend paid on January
23,
2006.
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2006
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2005
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||||||||||||||||||
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Quarter
Ended
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High
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Low
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Dividends
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High
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Low
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Dividends
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March
31,
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$
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17.61
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$
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16.42
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$
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0.12
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$
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19.44
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$
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16.80
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$
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0.10
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June
30,
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17.22
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16.32
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0.12
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17.58
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15.20
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0.10
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September
30
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17.49
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16.49
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0.12
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17.04
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16.11
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0.12
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December
31
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17.25
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17.00
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0.18
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17.54
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14.40
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0.17
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A
regular
dividend of $0.12 and a bonus dividend of $0.06 were declared for stockholders’
of record on December 29, 2006, payable on January 8, 2007 and January 11,
2007,
respectively.
The
Company intends to pay dividends approximating forty percent (40%) of its
profits for each quarter. However, dividends remain subject to declaration
by
the Board of Directors in its sole discretion and there can be no assurance
that
the Company will be legally or financially able to make such payments. Payment
of dividends may be limited by federal and state regulations which impose
general restrictions on a bank’s and bank holding company’s right to pay
dividends (or to make loans or advances to affiliates which could be used to
pay
dividends). Generally, dividend payments are prohibited unless a bank or bank
holding company has sufficient net (or retained) earnings and capital as
determined by its regulators. See “Item
1. Business
-
Supervision and Regulation - Regulation of the Company - Dividends and
Distributions” and “Item
1. Business
--
Supervision and Regulation - Regulation of the Bank - Dividend Limitations.” The
Company does not believe that those restrictions will materially limit its
ability to pay dividends.
Performance
Graph
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Total
Return Analysis
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|||||||||||||
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12/31/2001
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12/31/2002
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12/31/2003
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12/31/2004
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12/31/2005
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12/31/2006
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Glen
Burnie Bancorp
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$
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100.00
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$
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130.89
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$
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227.22
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$
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220.46
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$
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199.44
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$
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195.90
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Peer
Group
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$
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100.00
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$
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116.16
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$
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159.09
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$
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182.14
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$
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166.73
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$
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172.53
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Nasdaq
Composite
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$
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100.00
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$
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68.76
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$
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103.68
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$
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113.18
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$
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115.57
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$
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127.58
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Source:
Zacks Investment Research.
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PART
IV
(a)
3. Exhibits required to be filed by Item 601 of Regulation
S-K.
Exhibit
No.
31.1 Rule
15d-14(a) Certification of Chief Executive Officer
31.2 Rule
15d-14(a) Certification of Chief Financial Officer
32.1 Section
1350
Certifications
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
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GLEN
BURNIE BANCORP
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March
29, 2007
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By:
/s/ F. William Kuethe,
Jr.
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F. William Kuethe, Jr.
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President and Chief Executive
Officer
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