Attached files
| file | filename |
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| 8-K - PRIMARY DOCUMENT - OLD LINE BANCSHARES INC | oldline8k_mergerDCB.htm |
Exhibit 99.1
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PRESS
RELEASE
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OLD LINE
BANCSHARES, INC
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FOR IMMEDIATE
RELEASE
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CONTACT: JAMES
CORNELSEN
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July 28, 2017
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CHIEF EXECUTIVE
OFFICER
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(301) 430-2500
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Old Line Bank Completes Merger with Damascus Community
Bank
BOWIE,
MD-- July 28, 2017-- Old Line Bancshares, Inc. (NASDAQ: OLBK), the
parent company of Old Line Bank (“Old Line”), announced
today the completion of its acquisition of DCB Bancshares, Inc.
(OTC Pink: DCBB), the parent company of Damascus Community Bank
(“Damascus”). Old Line Bancshares, Inc. is the
surviving parent entity, and Damascus has merged with and into Old
Line, with Old Line being the surviving bank.
The
combination of Old Line and Damascus further strengthens Old
Line’s status as the third largest independent commercial
bank based in Maryland, with assets of more than $2 billion and 28
full service branches serving nine Maryland counties. This union
brings Old Line further into Montgomery and Carroll Counties while
enabling entry into Frederick County. The combined bank will have
the second-most banking locations of all independent Maryland-based
commercial banks.
“Old
Line is excited about the opportunities created by the combination
of the two community banks and knows that the alliance will add
talent to our team, expand our market and cement us as the
neighborhood community bank the markets count on,” said James
W. Cornelsen, President and Chief Executive Officer of Old Line
Bancshares, Inc.
The aggregate merger consideration, consisting of approximately
1,495,256 shares of Old Line Bancshares, Inc. common stock, was
valued at approximately $40.9 million based on the closing price of
Old Line Bancshares, Inc. common stock on July 28, 2017. Old Line
Bancshares, Inc. has added Stephen J. Deadrick, former Chairman of
both DCB Bancshares, Inc. and Damascus, and James R. Clifford,
former director of both DCB Bancshares, Inc. and Damascus, to its
board of directors and to the board of directors of Old Line
Bank.
Ambassador
Financial Group, Inc. acted as financial adviser to Old Line
Bancshares, Inc. and Baker, Donelson, Bearman, Caldwell &
Berkowitz, a Professional Corporation, acted as its legal
counsel. RP Financial, LC acted as financial advisor and
provided the fairness opinion to DCB Bancshares, Inc. and Gordon
Feinblatt LLC acted as its legal counsel.
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 was established in 1989
and now has 28 branches located in its primary market area of
suburban Maryland counties of Anne Arundel, Baltimore, Calvert,
Carroll, Charles, Frederick, Montgomery, Prince George's and St.
Mary's. It also targets customers throughout the greater
Washington, D.C. metropolitan area. For additional information,
please visit our website at www.oldlinebank.com
or call 301-430-2500.