0000950159-13-000629.txt : 20131119 0000950159-13-000629.hdr.sgml : 20131119 20131119124522 ACCESSION NUMBER: 0000950159-13-000629 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131119 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131119 DATE AS OF CHANGE: 20131119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLD LINE BANCSHARES INC CENTRAL INDEX KEY: 0001253317 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 200154352 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50345 FILM NUMBER: 131229215 BUSINESS ADDRESS: STREET 1: 1525 POINTER RIDGE PLACE CITY: BOWIE STATE: MD ZIP: 20716 BUSINESS PHONE: 3014302544 MAIL ADDRESS: STREET 1: 1525 POINTER RIDGE PLACE CITY: BOWIE STATE: MD ZIP: 20716 8-K 1 oldline8k.htm OLD LINE BANCSHARES, INC. FORM 8-K oldline8k.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2013

Old Line Bancshares, Inc.
(Exact name of registrant as specified in its charter)


 Maryland
000-50345
20-0154352
(State or other jurisdiction)
 (Commission File Number)
(I.R.S. Employer Identification No.)
of incorporation
    
     
 
1525 Pointer Ridge Place
  
 
Bowie, Maryland
20716                          
 
(Address of principal executive offices)
(Zip Code)


Registrant’s telephone number, including area code: 301-430-2500
 
N/A 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

____
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
____
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
   
____
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
____
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e- 4(c))

 
 
 

 
 
 
 
 
 
Section 8-Other Events

Item 8.01 Other Events.
 
On November 19, 2013 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
Section 9 – Financial Statements and Exhibits
 
Item 9.01. Financial Statements and Exhibits.
 
    Exhibit 99.1.       Press release dated November 19, 2013
 
 
 
 
 
 
 

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
OLD LINE BANCSHARES, INC.
   
   
Date:  November 19, 2013
By:  /s/Mark A. Semanie
 
Mark A. Semanie, Chief Operating Officer and
Acting Chief Financial Officer
 
 
 
 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm
 
 
EXHIBIT 99.1

Old Line Bancshares, Inc. Disposes of Credit Impaired Loans Purchased in its Past Merger Transactions
 
Bowie, MD – November 19, 2013 – Old Line Bancshares, Inc. (NASDAQ: OLBK), the parent company of Old Line Bank, announced that since September 30, 2013, it has disposed of approximately $22.6 million of loans acquired in the April 2011 merger with Maryland Bankcorp, Inc., the May 2013 merger with WSB Holdings, Inc. and the repurchase, from another bank, of a participation on one of the WSB Holdings, Inc. credit impaired loans. This disposal was accomplished through brokered sales transactions. The disposals included approximately $12.0 million of loans that were over 90 days past due.
 
The net proceeds received in these transactions totaled approximately $26.3 million. The after tax benefit of the proceeds received in excess of the carrying value will increase Tangible Common Equity through a combination of income statement benefit and a balance sheet adjustment to decrease the original amount allocated for credit impairment in the original WSB Holdings, Inc. purchase price allocation, which will result in a reduction of goodwill and deferred tax assets.
 
“We believe that this significant reduction in these credit impaired loans will allow us to continue to focus on our already strong organic loan growth while also reducing the uncertainty and costs associated with managing non-performing and underperforming assets” stated James W. Cornelsen, President and Chief Executive Officer. “The disposal of these loans at a premium to our carrying value improves our tangible common equity while also dramatically reducing our non-performing asset levels by decreasing our loans that are 90 or more days past due. Such past due loans totaled approximately $16.7 million as of June 30, 2013, and these loan transactions eliminate a significant portion of those past due loans.”
 
Old Line Bancshares, Inc. is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Bowie, Maryland. Old Line Bank was established in 1989 and has 23 branches serving the suburban areas surrounding Washington, D.C., including Prince George's County, Anne Arundel County, Charles County, Calvert County and St. Mary's County. The Bank serves small to medium-sized businesses, entrepreneurs, professionals, consumers and high net worth clients. For additional information, please visit our website at www.oldlinebank.com or call 301-430-2500. 

 
CONTACT:  James W. Cornelsen, President & Chief Executive Officer
   (301) 430-2530