Old Line Bancshares in Bowie, Md., has agreed to buy Regal Bancorp in Owings Mills, Md.
The $1.3 billion-asset Old Line said in a press release Wednesday that it will pay about $6.6 million in cash and stock for the $134 million-asset parent of
Regal Bank & Trust. The deal is expected to close by the first quarter of next year.
The deal, which would be Old Line's third since 2010, is expected to be accretive to its earnings within the first year.
The acquisition will also allow Old Line to enter new markets in Baltimore and Carroll counties, James Cornelsen, Old Line's president and chief executive, said in the release.
Ambassador Financial Group and Ober, Kaler, Grimes & Shriver advised Old Line. Feldman Financial Advisors and Kilpatrick Townsend & Stockton advised Regal.
