WesBanco Inc., a Wheeling, West Virginia-headquartered company, has closed its acquisition of Old Line Bancshares Inc., which was announced in July. The transaction creates a multi-state bank holding company of approximately $15.7 billion in total assets providing banking services through 236 locations in Indiana, Kentucky, Maryland, Ohio, Pennsylvania and West Virginia.
With the closing, WesBanco appointed James W. Cornelsen and Gregory S. Proctor Jr., formerly directors of Old Line, to the WesBanco board of directors.
The deal with the Maryland bank significantly expands WesBanco’s franchise to span six states across the Midwest, Mid-South and, now, the Mid-Atlantic region. WesBanco also has approximately $4.4 billion in assets under management through its trust and wealth management division.
Former branches of Old Line will continue to operate under the Old Line Bank name until the data conversion, when they will be transitioned to WesBanco Bank in conjunction with the data processing and signage conversion. Prior to the merger with WesBanco, Old Line operated 37 branches across Maryland.
WesBanco President and CEO Todd F. Clossin shared that the company believes Old Line’s market presence and loan growth will work well with WesBanco’s products and services and deposit funding advantage.
“We believe this strategic partnership will provide the opportunity to attract additional talent, add market share and drive positive operating leverage,” he said, in a statement.