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The Bank of Glen Burnie Expands Mortgage Services Through Acquisition of VA Wholesale Mortgage, Inc.

1. GLBZ completed acquisition of VA Wholesale Mortgage for growth and expansion. 2. VA Wholesale Mortgage specializes in serving military personnel and their families. 3. The acquisition will enhance GLBZ's mortgage offerings and customer reach. 4. VAWM’s 2024 loans reached approximately $125 million, driving potential growth for GLBZ. 5. Plans to operate VAWM as a division of The Bank of Glen Burnie indefinitely.

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FAQ

Why Bullish?

The acquisition will diversify GLBZ's offerings and potentially increase revenues, similar to previous growth catalysts in the banking sector that followed strategic acquisitions. For example, banks that acquired specialized lenders often saw substantial growth in their mortgage portfolios.

How important is it?

The acquisition significantly expands GLBZ's mortgage capabilities and customer base, suggesting a strong potential for future profitability in a growing market segment.

Why Long Term?

The benefits of the acquisition may take time to materialize in terms of increased market share and revenues, mirroring past acquisitions in the financial sector that took several years to yield results.

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GLEN BURNIE, Md., Aug. 18, 2025 (GLOBE NEWSWIRE) -- The Bank of Glen Burnie®, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), continued its plans for growth and expansion through today’s completed acquisition of VA Wholesale Mortgage, Inc., announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie (the “Bank”). VA Wholesale Mortgage (“VAWM”), a veteran-owned-and-operated business, is headquartered in Virginia Beach, Virginia, and has an office in Jacksonville, Florida. The mortgage brokerage offers home financing to a wide range of customers, with a special focus on serving active-duty and retired members of the U.S. armed forces. Hanna commented, “Bringing VA Wholesale Mortgage into The Bank of Glen Burnie is a win-win for the Bank, for VAWM, and most importantly, for all of our customers. VAWM CEO Eric Tan and his team have created a company with a stellar reputation for service. The Bank of Glen Burnie will add strength to their efforts by providing a consistent source of capital to fund growth. In addition, we will take on administrative responsibilities, such as human resources, IT, and finance, allowing them more time to serve clients, which is their forte. Plans call for the Bank to grow the team with originators in Anne Arundel County and expand as demand increases. “VAWM will help us quickly grow our mortgage offerings, both products and reach, much faster than we could organically. In addition to traditional mortgage products, VAWM has expertise in FHA, VA, and first-time homebuyer mortgages, as well as mortgages with lower downpayment requirements. This accomplishes the goal of The Bank of Glen Burnie serving our growing customer base at a higher level, including the small business owners, their employees, and families who have chosen to bank with us. A home is the single largest purchase most people will ever make. Working with a knowledgeable and experienced team like VAWM ensures you get the mortgage that is best for your situation, instilling confidence as you undertake homeownership or refinancing. I couldn’t be more excited about the benefits this acquisition will bring, especially for our customers.” VA Wholesale Mortgage, Inc., established in 2019 and beginning operations in early 2020, has an impressive team of experienced mortgage originators, including CEO Eric Tan. In 2024, VAWM closed approximately $125 million in mortgage loans. Tan, a U.S. Navy veteran now based in Jacksonville, Florida, has nearly 25 years of mortgage industry experience. “When it comes to mortgage lending, there is not much I haven’t done,” Tan said. “It is important to me that we not only provide mortgages but also help customers understand the choices and decisions they are making, ensuring they safeguard their financial well-being. As we become part of The Bank of Glen Burnie, that focus will continue. Having a committed funding source will broaden our reach, allowing us to grow and meet the needs of our customers more readily, while also increasing lending volume. “Mark and his team are in a strong market. We look forward to serving the mortgage needs of their current customer base and expanding it, including through outreach to veterans and active-duty military personnel. We understand what our military personnel need and can connect with them in ways most lenders cannot. While we originate mortgages for everyone, that special focus sets us apart, and it will be a key part of our growth.” Current plans call for VA Wholesale Mortgage to operate as a dedicated division of The Bank of Glen Burnie for the foreseeable future. Fairfax, Virginia-based Milestone Mergers and Acquisitions, led by managing partner Gary Freedman, assisted The Bank of Glen Burnie through all phases of the transaction. 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® (the “Bank”) is a locally owned community bank with six 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. NMLS# 478089. About VA Wholesale Mortgage, Inc.VA Wholesale Mortgage, Inc. (VAWM) is a veteran-owned and operated mortgage company headquartered in Virginia Beach, Virginia, with a second office in Jacksonville, Florida. It serves homebuyers and homeowners across multiple states, including Florida, Georgia, Maryland, North Carolina, Tennessee, Texas, Virginia, and Washington, DC. VAWM specializes in VA home loans, helping military service members, veterans, and their families achieve the dream of homeownership. In addition to VA loans, we offer FHA, Conventional, Jumbo, and Non-QM loan products to meet a wide range of financial needs. Our mission is to simplify the mortgage process through personalized service, expert guidance, and a deep understanding of military benefits. We take pride in educating our clients, providing competitive loan options, and ensuring smooth, timely closings. Our team of experienced mortgage professionals is dedicated to serving both direct consumers and real estate professionals with integrity, transparency, and a commitment to excellence. Additional information is available at VAWholesaleMTG.com. NMLS# 1911247. Forward-Looking StatementsThe 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.

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