Old Line Bancshares, the parent company of Maryland based commercial bank Old Line Bank, has completed the acquisition of Bay Bancorp, the parent company of Bay Bank.
Following the completion, Bay Bank has merged into Old Line Bank.
Under the terms of the deal, Old Line Bancshares has paid an aggregate merger consideration of nearly $143.1m.
It comprises nearly 4,393,099 Old Line Bancshares common stock shares valuing around $142.2m and $968,805 in cash.
The deal will also see the addition of Bay Bancorp and Bay Bank former president and CEO Joseph J. Thomas, Bay Bancorp and Bay Bank former Chairman of the Board Eric D. Hovde, and Bay Bancorp and Bay Bank former director Steven K. Breeden into the board of directors of Old Line Bank.
Old Line Bancshares president and CEO James W. Cornelsen said: “We are excited about the opportunities this combination provides to our customers and stockholders.
“This union will add talent to our team and expand our market area.”
The merger makes Old Line Bank one of the largest independent commercial banks based in Maryland with 39 branches and assets of approximately $2.8bn.
It also strengthens the bank’s presence in Baltimore and Anne Arundel Counties and entry to the Howard and Harford Counties and Baltimore City as well.