Glen Burnie Bancorp to acquire VA Wholesale Mortgage for $750K plus earn-out

GLEN BURNIE BANCORP

$750,000 cash consideration to seller Eric Tan; payment via non-interest bearing promissory note forgiven over 36 months.
Seller receives 33% of VAWM net earnings plus 4 bps on closed loan volume for 3 years post-closing.
Closing expected early August 2025; subject to regulatory approvals; seller to become president of VAWM.
VAWM is a Virginia residential mortgage banker; The Bank of Glen Burnie, a GLBZ unit, is the buyer.

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