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<SEC-DOCUMENT>0000950133-03-003069.txt : 20030829
<SEC-HEADER>0000950133-03-003069.hdr.sgml : 20030829
<ACCEPTANCE-DATETIME>20030829161256
ACCESSION NUMBER:		0000950133-03-003069
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031008
FILED AS OF DATE:		20030829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLEN BURNIE BANCORP
		CENTRAL INDEX KEY:			0000890066
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				521782444
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24047
		FILM NUMBER:		03874403

	BUSINESS ADDRESS:	
		STREET 1:		101 CRAIN HWY SE
		CITY:			GLEN BURNIE
		STATE:			MD
		ZIP:			21227
		BUSINESS PHONE:		4107663300

	MAIL ADDRESS:	
		STREET 1:		101 CRAIN HWY SE
		CITY:			GLEN BURNIE
		STATE:			MD
		ZIP:			21227
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>w89651pre14a.htm
<DESCRIPTION>SCHEDULE 14A, PRELIMINARY PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>pre14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE 14A<BR>
(Rule&nbsp;14a-101)<BR>
INFORMATION REQUIRED IN PROXY STATEMENT</B>
</FONT>

<P align="center"><FONT size="2"><B>SCHEDULE 14A INFORMATION<BR>
Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. )</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Filed by the Registrant <font face="wingdings">&#120;</font></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">Filed by a Party other than the Registrant <font face="wingdings">&#111;</font></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Check the appropriate box:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="wingdings">&#120;</font> Preliminary Proxy Statement</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<font face="wingdings">&#111;</font>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Confidential, for Use of the Commission<br>
Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="wingdings">&#111;</font> Definitive Proxy Statement</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="wingdings">&#111;</font> Definitive Additional Materials</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="wingdings">&#111;</font> Soliciting Material Pursuant to Rule&nbsp;14a-11(c) or Rule&nbsp;14a-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><u><B>Glen Burnie Bancorp</B></u><BR>
(Name of Registrant as Specified in Its Charter)
</FONT>
<P align="center"><FONT size="2"><u>N/A</u><BR>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</FONT>
<P><FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="wingdings">&#120;</font> No fee required.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="wingdings">&#111;</font> Fee computed on table below per Exchange Act Rules
14a-6(i)(4) and 0-11.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Title of each class of securities to which transaction applies:
</FONT>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Aggregate number of securities to which transaction applies:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the filing
fee is calculated and state how it was determined):
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Proposed maximum aggregate value of transaction:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;Total fee paid:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&nbsp;&nbsp;&#093; Fee paid previously with preliminary materials.
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&nbsp;&nbsp;&#093; Check box if any part of the fee is offset as provided by
Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
</FONT>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Amount Previously Paid:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Form, Schedule or Registration Statement No.:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Filing Party:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Date Filed:
</FONT></div>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2">&#091;GLEN BURNIE BANCORP LETTERHEAD&#093;
</FONT>
<P align="center"><FONT size="2">September&nbsp;8, 2003
</FONT>
<P><FONT size="2">Dear Fellow Stockholder:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially invited to attend a Special Meeting of Stockholders of
Glen Burnie Bancorp (the &#147;Company&#148;) to be held at The Bank of Glen Burnie, 101
Crain Highway, S.E., Glen Burnie, Maryland on Wednesday, October&nbsp;8, 2003.
Registration will open at 2:30 p.m. and the meeting will begin promptly at 3:00
p.m. Attached is the formal Notice, Proxy Statement and form of Revocable
Proxy for the action to be taken at the Special Meeting.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Special Meeting is to take action to adjust the
stockholder vote necessary to amend the Company&#146;s Articles of Incorporation and
Bylaws from 80% of outstanding shares to 66 2/3% of outstanding shares. A
similar proposal with respect to the Company&#146;s Bylaws was put forward for
consideration at our Annual Meeting held this past May and garnered strong
Stockholder support &#150; but short of the required 80% approval margin. Here are
the statistics from the vote on the Bylaw change at May&#146;s Annual Meeting:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total Shares outstanding
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,677,175</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Votes required for passage
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,341,740 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;(80.00% of outstanding Shares)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total Shares present in person or by proxy
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,444,141 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;(86.11% of outstanding Shares)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total <B><I>in favor </I></B>of Bylaw amendment
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,237,984 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;(73.80% of outstanding Shares)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total <B><I>against </I></B>Bylaw amendment
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,358 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;( 0.56% of outstanding Shares)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total abstaining
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,407 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;( 1.28% of outstanding Shares)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Total Shares present but not voted
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;175,392 </FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;&nbsp;(10.46% of outstanding Shares)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As you can see, despite the strong support of our Stockholders for
amending these Bylaw provisions, the proposal failed to garner the requisite
approval.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With more than 1.6&nbsp;million shares outstanding with a market value of
approximately $34.4&nbsp;million, we want to position our Company to address
changing market conditions while ensuring that our stockholders continue to be
our driving and controlling force. Bank analysts have indicated to your Board
of Directors that an amendment reducing the threshold for stockholder approval
of Articles of Incorporation and Bylaw changes would improve the Bank&#146;s ability
to proactively compete in today&#146;s quickened business environment. The Board
agrees with this assessment. We further believe that the 66 2/3% threshold is
more reflective of today&#146;s public companies.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors believes that the proposals to amend the Articles
and Bylaws are important to the future of the Company and unanimously
recommends that stockholders approve the amendments. The proposals will
require the approval of 80% of the outstanding Shares. Your vote on <B><I>each </I></B>of
these items is particularly important since an abstention or failure to vote is
equivalent to a vote against the proposed amendments to the Articles and
Bylaws.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We ask for your support and encourage you to attend the Special Meeting.
<B><I>On behalf of the Board of Directors, we urge you to sign, date and return the
accompanying proxy card as soon as possible even if you currently plan to
attend the Special Meeting. </I></B>This will not prevent you from voting in person
but will assure that your vote is counted if you are unable to attend the
meeting. Your vote is important, regardless of the number of shares you own.
If you plan to attend the meeting, please check the box on the enclosed form of
proxy.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you.
</FONT>
<div align="right">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Sincerely,</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><i>John E. Demyan</i><BR>
Chairman</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><i>F. William Kuethe, Jr.</i><BR>
President and Chief<BR>
Executive Officer</FONT></TD>
</TR>
</TABLE>
</div>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<hr size=1 noshade>
<div align="center"><FONT size="2"><B>
GLEN BURNIE BANCORP<BR>
101 Crain Highway, S.E.<BR>
Glen Burnie, Maryland 21061<BR>
(410)&nbsp;766-3300</B>
</FONT></div>
<br>
<hr size=1 noshade>
<div align="center"><FONT size="2"><B>
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS<BR>
To Be Held on October&nbsp;8, 2003</B>
</FONT></div>

<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that a Special Meeting of Stockholders (the
&#147;Special Meeting&#148;) of Glen Burnie Bancorp (the &#147;Company&#148;) will be held at The
Bank of Glen Burnie, 101 Crain Highway, S.E., Glen Burnie, Maryland on Wednesday,
October&nbsp;8, 2003 at 3:00 p.m., Eastern Time.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Proxy Statement and Revocable Proxy for the Special Meeting accompany
this Notice.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Meeting has been called for the following purposes:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve an amendment to the Articles of Incorporation to reduce
the stockholder vote required to amend the Articles from 80% to 66
2/3% of all votes entitled to be cast; and</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve amendments to the Bylaws to reduce the stockholder vote
required to amend the Bylaws from 80% to 66 2/3% of all votes
entitled to be cast.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Company&#146;s Bylaws, business transacted at the
special meeting is limited to the above-stated purposes.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action may be taken on the foregoing proposals at the Special Meeting on
the date specified above or on any date or dates to which, by original or later
adjournment, the Special Meeting may be adjourned. Stockholders of record at
the close of business on August&nbsp;29, 2003 are the only stockholders entitled to
notice of and to vote at the Special Meeting and any adjournments thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are requested to complete and sign the accompanying Revocable Proxy,
which is solicited by the Board of Directors, and to mail it promptly in the
accompanying envelope. The proxy card will not be used if you attend and vote
at the Special Meeting in person.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
BY ORDER OF THE BOARD OF DIRECTORS</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Dorothy A. Abel</I><BR>
secretary</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Glen Burnie, Maryland<BR>
September 8, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><hr size=1 noshade>
</FONT>
<div align="left"><FONT size="2"><B>IMPORTANT: THE PROMPT RETURN OF PROXIES WILL SAVE YOUR COMPANY THE EXPENSE OF
FURTHER REQUESTS FOR PROXIES IN ORDER TO ENSURE A QUORUM. A SELF-ADDRESSED
ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. NO POSTAGE IS REQUIRED IF MAILED IN
THE UNITED STATES.</B>
</FONT></div>
<hr size=1 noshade>

<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B>PROXY STATEMENT<BR>
OF<BR>
GLEN BURNIE BANCORP<BR>
101 Crain Highway, S.E.<BR>
Glen Burnie, Maryland 21061</B>
</FONT>

<P align="center"><FONT size="2"><B>SPECIAL MEETING OF STOCKHOLDERS<BR>
October&nbsp;8, 2003</B>
</FONT>

<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>GENERAL</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement is furnished in connection with the solicitation of
proxies by the Board of Directors of Glen Burnie Bancorp (the &#147;Company&#148;) to be
used at a Special Meeting of Stockholders of the Company and any adjournments
or postponements thereof (hereinafter called the &#147;Special Meeting&#148;) which will
be held at The Bank of Glen Burnie, 101 Crain Highway, S.E., Glen Burnie,
Maryland on Wednesday, October&nbsp;8, 2003 at 3:00 p.m., Eastern Time. The
accompanying Notice of Special Meeting and form of Revocable Proxy and this
Proxy Statement are being first mailed to stockholders on or about September&nbsp;8,
2003.
</FONT>
<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>VOTING AND REVOCABILITY OF PROXIES</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities entitled to vote at the Special Meeting consist of the
Company&#146;s common stock, par value $1.00 per share (the &#147;Common Stock&#148;).
Stockholders of record as of the close of business on August&nbsp;29, 2003 (the
&#147;Record Date&#148;) are entitled to one vote for each share then held.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies solicited by the Board of Directors of the Company will be voted
in accordance with the directions given therein. <B>Where no instructions are
given, proxies will be voted for the proposals described herein. </B>The proxy
confers discretionary authority on the persons named therein to vote with
respect to matters incident to the conduct of the Special Meeting. Proxies
marked as abstentions will not be counted as votes cast. In addition, shares
held in street name which have been designated by brokers on proxy cards as not
voted will not be counted as votes cast. Proxies marked as abstentions or as
broker non votes, however, will be treated as shares present for purposes of
determining whether a quorum is present.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders who execute proxies retain the right to revoke them at any
time. Unless so revoked, the shares represented by properly executed proxies
will be voted at the Special Meeting and all adjournments thereof. Proxies may
be revoked by written notice to Dorothy A. Abel, the Secretary of the Company,
at the address above or by the filing of a later dated proxy prior to the vote
being taken at the Special Meeting. A proxy will not be voted if a stockholder
attends the Special Meeting and votes in person. The presence of a stockholder
at the Special Meeting will not revoke such stockholder&#146;s proxy.
</FONT>
<P align="center"><FONT size="2">-iii-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>APPROVAL OF AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS TO<BR>
REDUCE THE STOCKHOLDER VOTE REQUIRED FOR AMENDMENTS</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Articles of Incorporation.</I> Under Maryland law, unless a corporation&#146;s
articles of incorporation require a higher or lower proportion, amendments to
articles of incorporation require the approval of 66 2/3% of outstanding
shares. Currently, the Company&#146;s Articles of Incorporation (&#147;Articles&#148;)
contain a provision which requires the approval of Stockholders owning 80% of
the total outstanding shares of Common Stock to effect an amendment. For the
reasons stated below, the Board of Directors is seeking Stockholder approval of
an amendment to the Company&#146;s Articles to lower the stockholder vote required
to amend the Articles from 80% to 66 2/3%. Specifically, the Board of
Directors proposes that stockholders approve an amendment to current Article
Seven of the Articles to <B><I>delete </I></B>section (a)&nbsp;of Article&nbsp;Seven (which sets forth
the 80% approval requirement for amendments to the Articles) and renumber the
remaining sections of Article&nbsp;Seven, so that Article&nbsp;Seven will read in its
entirety as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE SEVEN: The affirmative vote of the holders of
not less than 80% of the outstanding shares of stock of The
Corporation entitled to vote shall be required for the
approval or authorization with respect to the following:</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;The consolidation of the Corporation with one or
more corporations to form a new consolidated corporation.</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;The merger of The Corporation with another
corporation or the merger of one or more corporations into
The Corporation.</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;The sale, lease, exchange or other transfer of all,
or substantially all, of the property and assets of The
Corporation, including its good will.</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;The participation of The Corporation in a
share-exchange (as defined in the Corporations &#038;
Associations Article of the Annotated Code of Maryland) the
stock of which is to be acquired.</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;The voluntary liquidation, dissolution or winding
up of The Corporation.</B></FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bylaws.</I> In addition, the Board of Directors proposes to amend the Bylaws
to lower the stockholder vote required to amend the Bylaws from 80% to 66 2/3%.
Specifically, the Board of Directors proposes that stockholders approve an
amendment to Article&nbsp;XII, Section&nbsp;1 of the Bylaws so that the first sentence
will read as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Except as otherwise provided in the Articles of
Incorporation, the Bylaws may be amended by the stockholders
of the Corporation by an affirmative vote of 66 2/3% of all
the votes entitled to be cast on the matter.</B></FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in order to clarify a possible ambiguity in the Bylaws, the
Board of Directors also proposes to amend paragraph (c)&nbsp;of Article&nbsp;II, Section
10 (which states that matters submitted to stockholders for a vote may
generally be approved by a majority of the votes cast) to include a general
exception for actions for which a higher vote is specified in the Bylaws. As
amended, Article&nbsp;II, Section&nbsp;10(c) would read as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>All other corporate actions, unless otherwise indicated
herein, shall be authorized by a majority of the votes cast.</B></FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purpose and Effect of Proposal.</I> The proposed amendments would reduce the
vote required to amend each of the Company&#146;s Articles and Bylaws from the
current 80% of outstanding shares to 66 2/3% of outstanding shares. The Board
of Directors is proposing the amendments in order to make it less difficult to
amend the Articles and
</FONT>
<P align="center"><FONT size="2">-iv-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><FONT size="2"><I>Bylaws.</I> With the Company&#146;s broad stockholder base, it is difficult to
obtain the 80% vote required for amendments. In order to ensure that the
Company is able to amend its Articles or Bylaws in the future to keep pace with
the evolving nature of the Company and market and regulatory changes, the Board
of Directors is seeking to reduce the vote required for amendments to a level
that it believes will be easier to obtain. This Proposal, if adopted, will <B><I>not</I></B>
allow the Company to amend the Articles or Bylaws by action of the Board of
Directors alone. If this Proposal is adopted, future amendments to either the
Articles of Incorporation or Bylaws of the Company will remain subject to
stockholder approval and will require the approval of 66 2/3% of outstanding
shares.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stockholder Vote Required to Approve the Amendments.</I> Approval of these
amendments to the Articles and Bylaws will require the affirmative vote of not
less than 80% of the outstanding shares of Common Stock. Since the required
vote is based on the number of shares outstanding, an abstention, failure to
vote or broker non-vote has the same effect as a vote against this Proposal.
The Board of Directors has unanimously approved these proposed amendments to
the Articles and Bylaws. <B>The Board of Directors believes that the reduction in
the vote required to amend the Articles and Bylaws is in the best interests of
the Company and its stockholders and unanimously recommends a vote FOR these
amendments to the Articles and Bylaws.</B>
</FONT>
<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Record Date, the Company had 1,684,843 shares of Common Stock
issued and outstanding. The presence, in person or by proxy, of at least a
majority of the total number of shares of Common Stock outstanding and entitled
to vote will be necessary to constitute a quorum at the Special Meeting.
Persons and groups beneficially owning in excess of 5% of the Common Stock are
required to file certain reports with respect to such ownership pursuant to the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). The following table sets
forth, as of the Record Date, certain information as to the Common Stock
beneficially owned by all persons who were known to the Company to beneficially
own more than 5% of the Common Stock outstanding at the Record Date.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount and Nature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percent of Shares</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Address</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>of Beneficial</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Of Common Stock</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>of Beneficial Owner</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ownership<sup>1</sup></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Outstanding</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">John E. Demyan<br>
7905 Webster Drive<br>
Pasadena, Maryland 21122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">162,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.66</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">%</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="2">Frederick W. Kuethe, III<br>
377 Swinton Way<br>
Severna Park, Maryland 21032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">92,236<sup>2</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">5.47</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">%</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">Eugene P. Nepa<br>
36 Summerhill Trailer Park<br>
Crownsville, Maryland 21032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">153,393<sup>3</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.10</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">%</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="2">Charles L. and Ruth G. Hein</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">99,323<sup>4</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">5.90</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">101 Crain Highway, S.E.<br>
Glen Burnie, Maryland 21061</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">Marrian K. McCormick<br>
8 Oak Lane<br>
Glen Burnie, Maryland 21061</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">96,627<sup>5</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.74</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">-v-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><sup>1</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rounded to nearest whole share. For purposes of this table, a person is
deemed to be the beneficial owner of any shares of Common Stock if he or
she has or shares voting or investment power with respect to such Common
Stock or has a right to acquire beneficial ownership at any time within 60
days from the Record Date. As used herein, &#147;voting power&#148; is the power to
vote or direct the voting of shares and &#147;investment power&#148; is the power to
dispose or direct the disposition of shares. Except as otherwise noted,
ownership is direct, and the named individuals or group exercise sole
voting and investment power over the shares of the Common Stock.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><sup>2</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Includes 14,096 shares held jointly with his wife, 477 shares held by Mr.
Kuethe individually, 3,724 held by Mr.&nbsp;Kuethe for the benefit of a minor
child, 216 shares held by Mrs.&nbsp;Kuethe individually, and 3,723 held by Mrs.
Kuethe for the benefit of a minor child. Each disclaims beneficial
ownership to the shares owned individually by the other. Also includes
70,000 shares held by Mr.&nbsp;Kuethe as one of the trustees for The Kuethe
Family Educational Trust.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><sup>3</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Includes 6,624 shares held individually, 126,870 shares held by the
Eugene P. Nepa Revocable Trust, and 19,900 shares held in Mr.&nbsp;Nepa&#146;s
Individual Retirement Account (&#147;IRA&#148;).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><sup>4</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Includes 14,194 shares held jointly, 131 shares held by Mr.&nbsp;Hein
individually, and 16,564 shares held by Mr. and Mrs.&nbsp;Hein jointly with
others. Mrs.&nbsp;Hein disclaims beneficial ownership to the shares owned
individually by Mr.&nbsp;Hein. Also includes 33,920 shares held by Mr.&nbsp;Hein
jointly with others and 34,513 shares held by Mrs.&nbsp;Hein jointly with
others.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><sup>5</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Includes 3,322 held by Mrs.&nbsp;McCormick individually, 9,247 held by Mrs.
McCormick for the benefit of minor children, 14,058 held by Mrs.&nbsp;McCormick
jointly with others, and 70,000 held by Mrs.&nbsp;McCormick as one of the
trustees for The Kuethe Family Educational Trust.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>SECURITIES OWNERSHIP OF MANAGEMENT</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to the beneficial
ownership of the shares of Common Stock as of the Record Date by (i)&nbsp;each
executive officer of the Company named in the Summary Compensation Table
included elsewhere in this Proxy Statement, (ii)&nbsp;each current director and each
nominee for election as a director and (iii)&nbsp;all directors and executive
officers of the Company as a group.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount And Nature of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Beneficial Ownership (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percent of Class</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">F. William Kuethe, Jr.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,259</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(2)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.44</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Thomas Clocker</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,705</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(3)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.40</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">William N. Scherer, Sr.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,046</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(4)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.54</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Karen B. Thorwarth</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,299</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.08</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">John E. Demyan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">162,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.66</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">F. W. Kuethe, III</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">92,236</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(5)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.47</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mary Lou Wilcox</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.07</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Charles L. Hein</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">99,323</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(6)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.90</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Alan E. Hahn</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,844</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(7)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.70</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley E. Boyer</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,158</FONT></TD>
    <TD align="left"><FONT size="2"><sup>(8)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.72</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Charles Lynch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,443</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.86</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">All directors, nominees
and executive officers as
a group (13 persons) <sup>(1)-(8)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">437,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.98</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Rounded to nearest whole share. For the definition of &#147;beneficial
ownership,&#148; see footnote (1)&nbsp;to the table in the section entitled &#147;Voting
Securities and Principal Holders Thereof.&#148; Unless otherwise noted,
ownership is direct and the named individual has sole voting and
investment power.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 15,000 held by The Kuethe Family Trust, of which he and his
spouse are trustees.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 5,338 shares as to which he shares voting and investment power.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">-vi-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 8,348 shares as to which he shares voting and investment power.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">See footnote (2)&nbsp;to the table in the section entitled &#147;Voting Securities
and Principal Holders Thereof&#148;.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">See footnote (4)&nbsp;to the table in the section entitled &#147;Voting Securities
and Principal Holders Thereof&#148;.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 5,369 shares to which he shares voting and investment power and
6,103 shares held in his IRA.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(8)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 11,010 shares as to which she shares voting and investment
power.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B><hr size=1 noshade></B>
</FONT>

<div align="center"><FONT size="2"><B>MISCELLANEOUS</B>
</FONT></div>

<hr size=1 noshade>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of soliciting proxies will be borne by the Company. The Company
will reimburse brokerage firms and other custodians, nominees and fiduciaries
for reasonable expenses incurred by them in sending proxy materials to the
beneficial owners of Common Stock. In addition to solicitations by mail,
directors, officers and regular employees of the Company may solicit proxies
personally or by telegraph or telephone without additional compensation
therefor.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
BY ORDER OF THE BOARD OF DIRECTORS</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Dorothy A. Abel</I><BR>
secretary</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Glen Burnie, Maryland<BR>
September 8, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">-vii-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><font face="wingdings">&#120;</font></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>PLEASE MARK VOTES<BR>
AS IN THIS EXAMPLE</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="CENTER" valign="top"><FONT size="2"><B>REVOCABLE PROXY<BR>
GLEN BURNIE BANCORP<BR>
SPECIAL MEETING OF STOCKHOLDERS</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><B>&nbsp;&nbsp;</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The undersigned hereby constitutes and appoints F. William Kuethe, John E.
Demyan, and William N. Scherer, Sr., or a majority of them, with full powers of
substitution, as attorneys-in-fact and agents for the undersigned, to vote all
shares of Common Stock of Glen Burnie Bancorp which the undersigned is entitled
to vote at the Special Meeting of Stockholders, to be held at The Bank of Glen
Burnie, 101 Crain Highway, S.E., Glen Burnie, Maryland on Wednesday, October&nbsp;8,
2003 at 3:00 p.m., Eastern Time (the &#147;Special Meeting&#148;), and at any and all
adjournments thereof, as indicated below and as determined by a majority of the
named proxies with respect to any other matters presented at the Special
Meeting.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>FOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>AGAINST</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>ABSTAIN</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">To approve the amendments to the Articles
of Incorporation of the Company as set
forth in the Proxy Statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">To approve the amendments to the Bylaws
of the Company as set forth in the Proxy
Statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The Board of Directors recommends a vote <B>&#147;FOR&#148; </B>the above listed propositions.
</FONT>
<P><FONT size="2"><B>IF YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE CHECK THIS BOX</B>&#091; &#093;
</FONT>
<P align="center"><FONT size="2"><B>THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS</B>
</FONT>

<P><FONT size="2"><B>THIS PROXY WILL BE VOTED AS DIRECTED, BUT IF NO INSTRUCTIONS ARE SPECIFIED,
THIS PROXY WILL BE VOTED FOR THE ABOVE PROPOSALS. IF ANY OTHER BUSINESS IS
PROPERLY PRESENTED AT THE SPECIAL MEETING, THIS PROXY WILL BE VOTED BY THOSE
NAMED IN THIS PROXY IN ACCORDANCE WITH THE DETERMINATION OF A MAJORITY OF THE
NAMED PROXIES. THIS PROXY CONFERS DISCRETIONARY AUTHORITY ON THE HOLDERS
THEREOF TO VOTE WITH RESPECT TO MATTERS INCIDENT TO THE CONDUCT OF THE SPECIAL
MEETING.</B>
</FONT>
<P><FONT size="2">Please be sure to sign and date this Proxy here:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Stockholder sign above</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Date
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Co-holder (if any) sign above</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Please sign exactly as your name appears on the envelope in which this proxy
was mailed. When signing as attorney, executor, administrator, trustee or
guardian, please give your full title. If shares are held jointly, each holder
should sign.
</FONT>
<P><FONT size="2">Should the above signed be present and elect to vote at the Special Meeting or
at any adjournment thereof and after notification to the Secretary of the
Company at the Special Meeting of the stockholder&#146;s decision to terminate this
proxy, then the power of said attorneys and proxies shall be deemed terminated
and of no further force and effect. The above signed hereby revokes any and
all proxies heretofore given with respect to the shares of Common Stock held of
record by the above signed. The above signed acknowledges receipt from the
Company prior to the execution of this Revocable Proxy of Notice and a Proxy
Statement for the Special Meeting.
</FONT>
<P align="center"><FONT size="2"><B>PLEASE ACT PROMPTLY<BR>
SIGN, DATE &#038; MAIL YOUR PROXY CARD TODAY</B>
</FONT>

<P><FONT size="2">IF YOUR ADDRESS HAS CHANGED, PLEASE CORRECT THE ADDRESS IN THE SPACE PROVIDED
BELOW AND RETURN THIS PORTION WITH THE PROXY IN THE ENVELOPE PROVIDED.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>




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