West Virginia-based lender WesBanco has agreed to acquire Maryland-based peer Old Line Bancshares in an all-stock deal worth around $500m.
Upon deal completion, Old Line will be merged with and into WesBanco.
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WesBanco will add around $3.1bn in assets through the acquisition, taking its total assets to nearly $15.6bn.
The deal will also add 37 offices to WesBanco’s network.
As per the agreed terms, Old Line stockholders will get 0.7844 of a share of WesBanco common stock for each share held.
The deal is expected to close in the coming two to three quarters, subject to shareholder and regulatory nod.
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By GlobalDataIt already secured the green light from the two companies’ boards.
WesBanco president and CEO Todd Clossin said: “We are pleased to welcome the customers and employees of Old Line to the WesBanco family. This is an exciting time in the measured and thoughtful evolution and strategic diversification of WesBanco.
“The merger with Old Line is an example of the continued solid execution on our long-term growth strategies, as it brings together two high-quality institutions with disciplined risk cultures and a strong customer focus.
“During the last three years, we have significantly diversified our institution into new, high-growth markets with great demographics that will now span six states across the Midwest, Mid-South, and, now, the Mid-Atlantic region as a top ten financial institution in the state of Maryland.”
As part of the deal, Old Line CEO James Cornelsen will gain a seat on the WesBanco board and chair its mid-Atlantic market.
Old Line executive vice president and COO Mark Semanie will assume the role of market president of the mid-Atlantic market at WesBanco.
