Court Approves Class-Action Settlement Between Old Line, WSB

By Sarah Todd November 13, 2013, 5:00 p.m. EST 1 Min Read

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A class-action settlement between Old Line Bancshares (OLBK) in Bowie, Md., and shareholders of WSB Holdings has been approved by the Maryland circuit court for Prince George's County.

The settlement, which does not include any payment to class members, resolves the suit WSB shareholders brought against Old Line in connection with its May acquisition of the company, according to Old Line's Wednesday press release. The agreement requires Old Line and WSB to make additional disclosures related to the merger.

The court denied the class counsel's request to be awarded $400,000 for attorneys' fees and expense reimbursements, according to the release.

Old Line paid $54.7 million in cash and stock for the $374 million-asset WSB, also based in Bowie. Old Line has $1.1 billion of assets and 23 branches.

Sarah Todd

Deputy Editor, BankThink