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OLBK > SEC Filings for OLBK > Form 8-K on 2-Jul-2013All Recent SEC Filings

Show all filings for OLD LINE BANCSHARES INC



Creation of a Direct Financial Obligation or an Obligation under an Off-B

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On June 26, 2013, Old Line Bank (the "Bank"), the wholly-owned operating subsidiary of Old Line Bancshares, Inc. (the "Registrant"), as successor to The Washington Savings Bank ("TWSB"), entered into a Deconversion and Termination Agreement (the "Agreement") with Open Solutions, LLC, in connection with the Registrant's previously-announced acquisition of WSB Holdings, Inc., the former parent company of TWSB, and the merger of TWSB into the Bank.

Pursuant to the Agreement, Open Solution will provide certain deconversion services to the Bank, which includes the provision of certain information and data relating to TWSB. The Agreement also terminates the existing Services Agreement, as amended, between TWSB and Open Solutions. In exchange, the Bank has paid Open Solutions a total of $2.79 million, including a $1.28 million termination fee and past-due and future invoices of approximately $555 thousand. The Agreement provides that amounts due under the Agreement may change based on the Bank's "processing volumes, any additional, related deconversion services and monthly invoices through the date of conversion" and that the Bank may also be charged fees as they occur, but we do not expect any such additional payments or fees to be material.

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