Federal Reserve Board Announces Approval of Application by WesBanco, Inc.
Washington, D.C., February 12, 2025 – The Federal Reserve Board on Friday announced its approval of an application by WesBanco, Inc. (Nasdaq: WSBC) to acquire all of the outstanding shares of Old Line Bancshares, Inc. (Nasdaq: OLBK). The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions, including the receipt of required regulatory approvals.
Upon completion of the transaction, WesBanco will become the second-largest bank holding company headquartered in West Virginia, with approximately $15 billion in assets. The combined company will have a significant presence in West Virginia, Ohio, Pennsylvania, and Maryland.
“This transaction is a significant step forward in our strategy to grow our franchise and provide our customers with a broader range of products and services,” said Todd C. Clossin, WesBanco’s President and Chief Executive Officer. “Old Line Bancshares is a well-respected community bank with a strong track record of success. We are excited to welcome their customers and employees to the WesBanco family.”
“We are pleased to have reached this agreement with WesBanco,” said James P. Williamson, Old Line Bancshares’ President and Chief Executive Officer. “WesBanco is a well-respected financial institution with a strong reputation for customer service. We believe that this transaction will provide our customers with access to a wider range of products and services, while also preserving the community banking experience they have come to expect.”
The transaction will be funded through a combination of cash and stock. WesBanco will issue approximately 6.7 million shares of its common stock to Old Line Bancshares’ shareholders. The transaction is expected to be accretive to WesBanco’s earnings per share in 2026.
Keefe, Bruyette & Woods, Inc. acted as financial advisor to WesBanco, and Wachtell, Lipton, Rosen & Katz acted as legal counsel. Piper Sandler & Co. acted as financial advisor to Old Line Bancshares, and Troutman Pepper Hamilton Sanders LLP acted as legal counsel.
About WesBanco, Inc.
WesBanco, Inc. (Nasdaq: WSBC) is a bank holding company headquartered in Wheeling, West Virginia. The company has approximately $11 billion in assets and operates 199 branches and 244 ATMs in West Virginia, Ohio, Pennsylvania, and Maryland. WesBanco offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and investment services.
About Old Line Bancshares, Inc.
Old Line Bancshares, Inc. (Nasdaq: OLBK) is a bank holding company headquartered in Elkton, Maryland. The company has approximately $4 billion in assets and operates 42 branches and 53 ATMs in Maryland, Pennsylvania, and Delaware. Old Line Bancshares offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, and investment services.
Federal Reserve Board announces approval of application by WesBanco, Inc.
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