West Virginia-based lender WesBanco has secured all regulatory approvals regarding its previously announced combination with Old Line Bancshares.
The receipt of all regulatory approvals comes nearly a month after the shareholders of the two companies approved the transaction.
The acquisition is expected to close later this month, subject to other customary closing conditions.
Old Line Bancshares acquisition: Background
In July this year, WesBanco signed an agreement to acquire Maryland-based peer Old Line Bancshares.
The all-stock deal, at the time of the announcement, valued around $500m.
Under the agreed terms, Old Line stockholders will receive 0.7844 of a share of WesBanco common stock for each share held.
Once complete, Old Line Bancshares-subsidiary Old Line Bank will merge with WesBanco Bank.
The deal will add around $3.1bn to WesBanco books. It will also add 37 branches to WesBanco’s network.
At the time of announcement, Old Line president and CEO James W. Cornelsen said: “The combination of our two strong institutions will provide additional high quality products and services for our customers, as well as growth opportunities for our employees.”
Established in 1870, WesBanco is a multi-state, bank holding firm with around $12.6bn in assets.
WesBanco Bank, its banking subsidiary, operates 199 branches across the states of Indiana, Kentucky, Ohio, Pennsylvania and West Virginia.
The bank holding firm also owns separate wealth management and insurance units.