BOWIE, Md., April 30, 2013 (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 extension of the deadline for WSB Holdings, Inc. stockholders to elect the form of merger consideration they wish to receive in connection with the pending acquisition of WSB Holdings, Inc. by Old Line Bancshares, Inc. to 5:00 p.m., Eastern Time, on May 3, 2013 (the "Election Deadline").
Pursuant to the parties' Agreement and Plan of Merger relating the merger of WSB Holdings, Inc. with and into Old Line Bancshares, Inc., the Extension Deadline is the date that is five calendar days prior to the closing of the merger. The Election Deadline is being extended because the parties now expect the merger to close on May 10, 2013.
As previously announced, WSB Holdings, Inc. stockholders can elect, for their shares of WSB Holdings, Inc. common stock held, either cash, Old Line Bancshares, Inc. common stock, or a mix of cash and Old Line Bancshares, Inc. common stock, according to the terms set forth in the companies' joint proxy statement/prospectus. Elections may be subject to proration. In order for an election to be effective, the exchange agent, American Stock Transfer and Trust Company, must receive a properly completed Election Form and Letter of Transmittal prior to the Election Deadline. WSB Holdings, Inc. stockholders who have already submitted a completed Election Form and Letter of Transmittal do not need to take any action on account of this extension unless they wish to change their consideration election. In that case, a stockholder may withdraw such submission and resubmit a new Election Form and Letter of Transmittal to the exchange agent prior to the Election Deadline.
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