Old Line Bancshares has agreed to buy WSB Holdings in a deal that will combine two banks based in Bowie, Md.

Old Line will pay $49 million, or $6.12 a share, in cash and stock for the $374 million-asset WSB, which is the parent of Washington Savings Bank, the companies said in a press release late Monday. Old Line, which had $846 million in assets at June 30, will also pick up five branches from the deal. The transaction is expected to close in the second quarter of 2013 and should add to Old Line's earnings by early 2014.

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