This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Old Line Bancshares, Inc. And Maryland Bankcorp, Inc. Announce Execution Of Merger Agreement

BOWIE, Md. and LEXINGTON PARK, Md., Sept. 1, 2010 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, and Maryland Bankcorp, Inc., the parent company of Maryland Bank & Trust Company, N.A., today jointly announced the execution of a definitive merger agreement (the "Merger Agreement") that provides for the acquisition of Maryland Bankcorp, Inc. by Old Line Bancshares, Inc. for approximately $20 million, or approximately $30.93 per share, in cash and stock, subject to adjustment (the "total consideration").

Pursuant to the terms of the Merger Agreement, Maryland Bankcorp, Inc. will be merged with and into Old Line Bancshares, Inc., with Old Line Bancshares, Inc. surviving the merger (the "Merger"). Immediately after the Merger, Maryland Bank & Trust Company, N.A. ("MB&T") will merge with and into Old Line Bank, with Old Line Bank being the surviving bank.

The Merger, anticipated to close in the first quarter of 2011, is expected to be accretive to Old Line Bancshares, Inc.'s earnings by the end of 2011. The acquisition will increase Old Line Bancshares, Inc.'s total assets by more than $349 million for total assets immediately after closing of approximately $750 million. The acquisition will add ten full service branches to Old Line Bank's existing ten-branch network. 

James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc., said, "We are extremely pleased to be joining with Maryland Bankcorp, an organization that shares our vision of true community banking, and believe the acquisition is a great opportunity to generate increased earnings and to increase returns for the stockholders of both entities, and to significantly increase our presence in Southern Maryland."

Craig E. Clark, Chairman of the Board of Directors of Old Line Bancshares, Inc., said, "The combination of Old Line Bank and MB&T will create the sixth-largest independent commercial bank based in Maryland, with assets of more than $750 million and, with 20 full service branches serving five counties, the combined bank will have the fourth-most banking locations of all independent Maryland-based commercial banks. We believe this transaction will benefit both entities' customers, depositors and stockholders."

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs