Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The company realized a net loss of $2,118,000 or $0.71 basic loss per share in the quarter ended September 30, 2008 compared to net income of $785,000 or $0.26 basic earnings per share for the same three-month period in 2007. This loss is a direct result of the government intervention into Fannie Mae and Freddie Mac. For the nine months ending September 30, 2008, net losses were $978,000 or $0.33 basic loss per share as compared to net income of $2,082,000 or $0.70 basic earnings per share for the same period in 2007.

Despite the loss the bank achieved the following highlights:

• 16.16% increase in year to date loans
• 6.32% increase in year to date deposits
• 10.27% Tier 1 leveraged ratio, FDIC required level of 4.0%

“As we previously reported in a Press Release dated September 10, 2008, the losses incurred were a result of actions taken by the government in relation to Fannie Mae and Freddie Mac which affected our securities portfolio. In the fourth quarter we will recognize a tax credit of $1,110,000. Had the Emergency Economic Stabilization Act of 2008 been enacted during the third quarter of 2008 the company would have recognized $132,000 in net income in the nine month period ending September 30, 2008.” commented Michael G. Livingston, President and Chief Executive Officer. “The company continues to have strong core earnings and remains extremely well capitalized.”

Total interest income for the quarter ending September 30, 2008 was $4,667,000 as compared to $4,476,000 for the same period in 2007. Total interest income was $13,572,000 for the nine months ending September 30, 2008 as compared to $13,350,000 for the same period in 2007. For the three month period ending September 30, 2008, net interest income after provision for credit losses was $2,882,000 as compared to $3,035,000 for the same period in 2007. For the nine months ending September 30, 2008 net interest income after provision for credit losses was $8,533,000 as compared to $8,835,000 for the same period in 2007.

On October 6, 2008, Glen Burnie Bancorp paid its 64^th consecutive dividend to shareholders of record at the close of business on September 26, 2008.

The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 26 consecutive quarters. This distinction denotes the highest level of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $329 million. Founded in 1949, The Bank of Glen Burnie ® is a locally-owned community bank with eight branch offices serving Anne Arundel County. (www.thebankofglenburnie.com)

Certain information contained in this news release, which does not relate to 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. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

Glen Burnie Bancorp
Yvonne “Rie” Atkinson, 410-768-8857
ratkinson@bogb.net