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Old Line Bank will be acquired in a $500 million deal by a bank holding company for WesBanco Bank, giving that West Virginia-based regional bank entry to the Maryland market.

WesBanco Inc. and Old Line Bancshares Inc., the parent company of Old Line Bank, said Thursday they have received all regulatory approvals for the pending merger.

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Old Line, a Bowie-based, Maryland-chartered trust company with the powers of a commercial bank, operates 37 branches in the Baltimore area, including Baltimore city and Anne Arundel, Baltimore, Carroll, Harford and Howard counties. It also has branches in Southern Maryland and Washington’s Maryland suburbs.

Stockholders of Old Line and WesBanco approved the merger on Oct. 29. The deal is expected to close on or about Nov. 22.

The multi-state WesBanco, founded in 1870, has total assets of approximately $12.6 billion and operates a community bank as well as wealth management services with about $4.4 billion of assets under management. WesBanco runs 199 financial centers in West Virginia, Pennsylvania, Ohio and Kentucky.

As of June 30, Old Line Bank was Maryland’s 10th largest bank with $2.39 billion in deposits, including $696 million in the Baltimore metro area, according to the Federal Deposit Insurance Corp.

The state’s smaller banks have been consolidating to remain competitive.

Old Line had acquired Columbia-based Bay Bank in April 2018, as their parent companies merged to create the third largest bank based in Maryland. The deal, in which Old Line Bancshares Inc. acquired Bay Bancorp. was valued at $143.1 million, mostly newly issued stock.

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