BOWIE, Md., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, today announced that it has completed the sale of 776,872 shares of its common stock at a price of $8.25 per share to accredited investors. Old Line Bancshares, Inc. has received proceeds of approximately $6.3 million after expenses as a result of the private placement. Old Line Bancshares, Inc. intends to use the proceeds of the offering for additional working capital and other general corporate purposes.
Commenting on the fully-subscribed offering, James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc., stated, "I am pleased we were able to raise all the funds we sought in our recent private placement offering. I believe that our success in raising the capital was a result of our solid historical performance as well our investors' confidence in our future success."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.Old Line Bancshares, Inc. is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Bowie, Maryland, approximately 10 miles east of Andrews Air Force Base and 20 miles east of Washington, D.C. Old Line Bank also operates from a branch in Bowie, Maryland, two branches in Waldorf, Maryland, one branch in Annapolis, Maryland, one branch in Crofton, Maryland and five additional branches in Prince George's County, Maryland. Its primary market area is the suburban Maryland (Washington, D.C. suburbs) counties of Prince George's, Anne Arundel, Charles and northern St. Mary's. It also targets customers throughout the greater Washington, D.C. metropolitan area.