Diversified financial services company WesBanco has completed its previously announced acquisition of Old Line Bancshares, the parent company of Old Line Bank, a chartered commercial bank.
Under the terms of the transaction, the branches of Old Line will be operated under the Old Line Bank name until the transition to WesBanco Bank, in conjunction with the data processing and signage conversion.
WesBanco said that the transaction would expand its footprint in six states across the Mid-West, Mid-South, and strengthen its position in the Mid-Atlantic region, in the state of Maryland.
WesBanco president and chief executive officer Todd F Clossin said: “We are pleased to welcome the customers and employees of Old Line to the WesBanco family, and are excited about the opportunities this merger presents; in particular, the combination of Old Line’s market presence and loan growth with our enhanced products and services and deposit funding advantage.
“We believe this strategic partnership will provide the opportunity to attract additional talent, add market share, and drive positive operating leverage. We look forward to providing our newest customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities, as well as trust and wealth management services.”
WesBanco has approximately $4.4bn in assets under management
The merged entity, a multi-state bank holding company, will deliver banking services through 236 financial centres in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia and reach approximately $15.7bn in its total assets.
WesBanco also has approximately $4.4bn in assets under management delivered through its trust and wealth management division. It also operates an insurance agency, WesBanco Insurance Services and a full service broker/dealer, WesBanco Securities.
Old Line president and chief executive officer James Cornelsen said: “We are pleased to join the WesBanco team, as their customer-centric philosophy and focus on the success of the communities in which they operate are identical to ours.
“WesBanco’s extensive experience as a diversified and well-balanced financial institution will put us in a strong position to deliver additional value to our customers through more high quality products and services, as well as continued career growth opportunities for our employees.”