WSB Holdings combines with Old Line Bancshares
Old Line Bancshares will acquire WSB Holdings.
Old Line Bancshares is to acquire WSB Holdings through a definitive merger agreement's execution.
This will see WSB Holdings being merged into Old Line Bancshares, with contract negotiations and business negotiations working to make this process run smoothly.
It is expected to conclude in the second quarter of 2013 and values WSB at $6.12 (£3.82) per share, or a total of around $49 million (£30.6 million).
When the transaction is completed, the combined banking operation will be worth $1.2 billion, with both firms currently serving Anne Arundel County, southern Maryland and the greater Washington DC region.
Old Line Bancshares was originally founded in 1989 and has 19 full-service branches, while WSB was set up in 1982.
"We believe this transaction will benefit both entities' customers, depositors and stockholders," chairman of the Board of Directors of Old Line Bancshares Craig Clark said.
"The combined bank will have the third-most banking locations of all independent Maryland-based commercial banks," he added.
Posted by David Gleck
Source: WSB Holdings press release, September 10th