Exhibit 99.1
WesBanco, Inc. Completes Merger with Old Line Bancshares, Inc. and Appoints Directors
Wheeling, WV, November 22, 2019 – WesBanco, Inc. (“WesBanco”) (Nasdaq:WSBC), a diversified, multi-state bank holding company, announced the successful closing of the previously announced acquisition of Old Line Bancshares, Inc. (Nasdaq: OLBK) (“Old Line”). With the closing of the merger, WesBanco has appointed James W. Cornelsen and Gregory S. Proctor, Jr., formerly directors of Old Line, to the WesBanco board of directors.
Todd F.Clossin, President and Chief Executive Officer of WesBanco, stated, “We are pleased to welcome the customers and employees of Old Line to the WesBanco family, and are excited about the opportunities this merger presents; in particular, the combination of Old Line’s market presence and loan growth with our enhanced 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. WesBanco prides itself on delivering large bank capabilities with a community bank feel, which is one of the key reasons we were named the #7 Best Bank in America by Forbes magazine. We look forward to providing our newest customers with a broader array of banking services, including expanded commercial and mortgage lending capabilities, as well as trust and wealth management services.”
“We are pleased to join the WesBanco team, as their customer-centric philosophy and focus on the success of the communities in which they operate are identical to ours,” said James Cornelsen, who served as President and Chief Executive Officer of Old Line. “WesBanco’s extensive experience as a diversified and well-balanced financial institution will put us in a strong position to deliver additional value to our customers through more high quality products and services, as well as continued career growth opportunities for our employees.”
WesBanco’s merger with Old Line significantly expands WesBanco’s franchise to span six states across theMid-West,Mid-South, and, now, theMid-Atlantic region as a top ten financial institution in the state of Maryland. Furthermore, the merger creates a multi-state bank holding company of approximately $15.7 billion in total assets providing banking services delivered through 236 financial centers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. WesBanco also has approximately $4.4 billion in assets under management delivered through itscentury-old 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.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. Built upon our ‘Better Banking Pledge’, our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of
