Old Line Bancshares Inc. in Bowie, Md., said Friday it has completed its acquisition of Maryland Bancorp Inc. in Lexington Park.

The purchase, which involved $21 million in cash and stock. doubled Old Line's size to about $742 million of assets. Old Line now has 20 branches, from Washington to Baltimore.

James Cornelson, Old Line's president and chief executive, said in a press release that the acquisition should add to the company's earnings at yearend.

Thomas Watts, who had been Maryland Bancorp's chairman and CEO, and G. Thomas Daugherty, its president, joined Old Line's board.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.