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Old Line Bancshares, Inc. Announces Approval Of Class Action Settlement, No Award Of Attorneys Fees To Class Counsel

Stocks in this article: OLBK

BOWIE, Md., Nov. 13, 2013 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, today announced that on November 12, 2013, the Circuit Court for Prince George's County, Maryland approved its previously-disclosed Stipulation of Settlement to resolve all claims asserted on behalf of a putative class of WSB Holdings, Inc. stockholders in connection with Old Line Bancshares, Inc.'s acquisition of WSB Holdings, Inc., which was completed on May 10, 2013. As previously disclosed, the settlement required Old Line Bancshares, Inc. and WSB Holdings, Inc. to make certain additional disclosures related to the merger, which disclosures were included in the joint proxy statement/prospectus of Old Line Bancshares, Inc. and WSB Holdings, Inc. previously sent to their respective stockholders, and does not include any payment to class members.

Also as previously disclosed, the parties to the settlement had not reached any agreement with regard to the attorneys' fees, costs and expenses, if any, that would be awarded class counsel, and class counsel had filed an application requesting an award of attorneys' fees and reimbursement of expenses in the amount of $400,000. At the November 12 hearing approving the settlement, the Court denied class counsel's application for attorneys' fees and reimbursement of expenses, finding that, among other things, the lawsuit was not meritorious when filed. Old Line Bancshares, Inc. does not know whether class counsel will file a Notice of Appeal with respect to the determination on attorneys' fees and expenses.

James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc., stated, "We are pleased that this matter appears to be behind us and that the Court recognized this action lacked merit when filed and that class counsel's actions in this matter were undeserving of payment. We look forward to continuing our progress of integrating WSB Holdings, Inc.'s operations into those of Old Line Bancshares, Inc." 

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