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BOWIE, Md., May 10, 2013 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, today announced the completion of its acquisition of WSB Holdings, Inc., the parent company of The Washington Savings Bank, F.S.B. (TWSB).
The combination of Old Line Bank and The Washington Savings Bank creates the fifth-largest independent commercial bank based in Maryland, with assets of more than $1.1 billion and, with 23 full service branches serving five counties, the combined bank will have the third-most banking locations of all independent Maryland-based commercial banks. The combination features local management, excellent coverage, and a promising growth opportunity as a result of the above average demographics throughout the five counties in which we operate. We should be well positioned to expand beyond our presence as the premiere community banking organization along the Eastern side of the corridor between Baltimore and Washington, and through the rapidly expanding communities and business zones in Southern Maryland.
"We have now tripled our size, since the beginning of 2011, in terms of total assets, increased our branch network to 23 facilities and added a significant new source of non-interest income in the form of TWSB's mortgage operations," said James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc.
The aggregate merger consideration was approximately $54.7 million and was funded through a combination of cash and issuance of 2,909,563 shares of Old Line Bancshares, Inc. common stock. Pursuant to the Merger Agreement, Old Line Bancshares, Inc. has added William J. Harnett, former Chairman of both The Washington Savings Bank, F.S.B. and WSB Holdings, Inc., and Michael J. Sullivan, former director of both The Washington Savings Bank, F.S.B. and WSB Holdings, Inc., to its board of directors and to the board of directors of Old Line Bank.