Old Line Bancshares Inc., parent company of Old Line Bank, and WSB Holdings Inc., parent company of The Washington Savings Bank FSB, has announced an agreement that provides for the acquisition of WSB Holdings by Old Line Bancshares for approximately $49 million.
Old Line Bancshares, with assets of $846 million and 19 banking locations, and WSB Holdings, with assets of $374 million and five banking locations, both serve the greater Washington, D.C., metropolitan area and southern Maryland; both financial institutions are headquartered in Bowie, Md. The Washington Savings Bank FSB will merge with and into Old Line Bank, with the latter being the surviving bank. The acquisition is expected to be completed in the second quarter of 2013.
‘The combination of Old Line and The Washington Savings will create the fifth-largest independent commercial bank based in Maryland, with assets of more than $1.2 billion and with 24 full service branches serving five counties,’ says Craig E. Clark, chairman of the board of directors of Old Line Bancshares. ‘The bank will have the third-most banking locations of all independent Maryland-based commercial banks. We believe this transaction will benefit both entities' customers, depositors and stockholders.’