WesBanco, Inc. and Old Line Bancshares, Inc. recently jointly announced that they have executed a definitive Agreement and Plan of Merger providing for the merger of Old Line with and into WesBanco.
WesBanco, Inc. is a multi-state, bank holding company headquartered in Wheeling, West Virginia. WesBanco’s banking subsidiary, WesBanco Bank, Inc., operates 199 financial centers in Pennsylvania, Ohio, Indiana, Kentucky, and West Virginia. WesBanco also operates an insurance agency, WesBanco Insurance Services, Inc., and a full-service broker/dealer, WesBanco Securities, Inc.
Old Line Bancshares is the parent company of Old Line Bank, a Maryland-chartered trust company with the powers of a commercial bank, headquartered in Bowie, Md. The bank has 37 branches in Washington, D.C. suburbs, Southern Maryland and Baltimore suburbs and also targets customers throughout the greater Washington, D.C., and Baltimore metropolitan areas.
“We are pleased to welcome the customers and employees of Old Line to the WesBanco family,” Todd F. Clossin, president and CEO of WesBanco, said. “This is an exciting time in the measured and thoughtful evolution and strategic diversification of WesBanco.”
Under the terms of the Agreement and Plan of Merger, WesBanco will exchange shares of its common stock for all of the outstanding shares of Old Line common stock, in an all-stock transaction.
“We are excited to announce our merger with WesBanco and become an integral part of its nearly 150-year history as a community bank,” James W. Cornelsen, president and CEO of Old Line, said. “WesBanco’s strong track record of operating performance, merger success, and customer-centric focus makes them the ideal partner for Old Line.”