BOWIE, Md., Sept. 10, 2012 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, and WSB Holdings, Inc. (Nasdaq:WSB), the parent company of The Washington Savings Bank, F.S.B., today jointly announced the execution of a definitive merger agreement (the "Merger Agreement") that provides for the acquisition of WSB Holdings, Inc. by Old Line Bancshares, Inc. for approximately $49 million, or approximately $6.12 per share, in cash and stock, subject to adjustment (the "total consideration").
Old Line Bancshares, with assets of $846 million and nineteen banking locations, and WSB Holdings, with assets of $374 million and five banking locations, both serve the greater Washington DC area as well as southern Maryland and Anne Arundel County. The combination will create a $1.2 billion banking institution serving the largest, healthiest and fastest growing market in the nation.
Pursuant to the terms of the Merger Agreement, WSB Holdings, 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, The Washington Savings Bank, F.S.B. will merge with and into Old Line Bank, with Old Line Bank being the surviving bank. The Merger, anticipated to close in the second quarter of 2013, is expected to be accretive to Old Line Bancshares, Inc.'s earnings within three quarters of closing.James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc., said, "We are extremely pleased to be joining Old Line with Washington Savings to better serve our customers by expanding branch network and expanding our banking services with the addition of a successful and growing mortgage origination team. For our combined shareholder base, we seek to increase value by improving our operating efficiencies to increase earnings and by increasing the liquidity and visibility of our stock by expanding the stockholder base."