Attached files
file | filename |
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8-K - FORM 8-K - OLD LINE BANCSHARES INC | w81405e8vk.htm |
EX-99.1 - EX-99.1 - OLD LINE BANCSHARES INC | w81405exv99w1.htm |
Exhibit 99.2
PRESS RELEASE
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OLD LINE BANCSHARES, INC. | |
FOR IMMEDIATE RELEASE
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CONTACT: CHRISTINE M. RUSH | |
February 1, 2011
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CHIEF FINANCIAL OFFICER | |
(301) 430-2544 |
OLD LINE BANCSHARES, INC. ANNOUNCES COMPLETION OF PRIVATE PLACEMENT
BOWIE, MD Old Line Bancshares, Inc. (NASDAQ CAPITAL MARKET: OLBK), the parent company of Old Line
Bank, today announced that it has completed the sale of 776,872 shares of its common stock at a
price of $8.25 per share to accredited investors. Old Line Bancshares, Inc. has received proceeds
of approximately $6.3 million after expenses as a result of the private placement. Old Line
Bancshares, Inc. intends to use the proceeds of the offering for additional working capital and
other general corporate purposes.
Commenting on the fully-subscribed offering, James W. Cornelsen, President and Chief Executive
Officer of Old Line Bancshares, Inc., stated I am pleased we were able to raise all the funds we
sought in our recent private placement offering. I believe that our success in raising the capital
was a result of our solid historical performance as well our investors confidence in our future
success.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy
securities. The securities offered and sold in the private placement have not been registered
under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered
or sold in the United States absent registration, or an applicable exemption from registration
under the Securities Act and applicable state securities laws.
Old Line Bancshares, Inc. is the parent company of Old Line Bank, a Maryland chartered commercial
bank headquartered in Bowie, Maryland, approximately 10 miles east of Andrews Air Force Base and 20
miles east of Washington, D.C. Old Line Bank also operates from a branch in Bowie, Maryland, two
branches in Waldorf, Maryland, one branch in Annapolis, Maryland, one branch in Crofton, Maryland
and five additional branches in Prince Georges County, Maryland. Its primary market area is the
suburban Maryland (Washington, D.C. suburbs) counties of Prince Georges, Anne Arundel, Charles and
northern St. Marys. It also targets customers throughout the greater Washington, D.C.
metropolitan area.
The statement in this press release regarding our future success constitutes a forward-looking
statement as defined by Federal Securities laws. Such statement is subject to risks and
uncertainties that could cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. Actual results could differ materially from those
currently anticipated due to a number of factors, including, but not limited to, deterioration in
economic conditions or a slower than anticipated recovery in our target markets or nationally,
continued increases in the unemployment rate in our target markets, and changes in laws impacting
our ability to collect on outstanding loans or otherwise negatively impact our business, including
regulations implemented pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act
enacted in July 2010. Forward-looking statements speak only as of the date they are made. Old
Line Bancshares, Inc. will not update forward-looking statements to reflect factual assumptions,
circumstances or events that have changed after a forward-looking statement was made. For further
information regarding risks and uncertainties that could affect forward-looking statements Old Line
Bancshares, Inc. may make, please refer to the filings made by Old Line Bancshares, Inc. with the
U.S. Securities and Exchange Commission available at www.sec.gov.