Bowie, Md. - March 30, 2017
Old Line Bank is honored to announce its participation in the Washington Suburban Sanitary Commission’s (WSSC) new Business Investment and Growth (BIG) program which aims to empower local businesses through lending initiatives in Montgomery and Prince George’s Counties (more information can be found at www.wsscwater.com/big). This program outlined a $12 million deposit commitment from WSSC into participating community banks that are located in Prince George’s and Montgomery Counties. Contributing community banks, like Old Line Bank, then leverage these deposits thus creating additional funds to lend to businesses within the communities they serve. “Old Line Bank has seen major growth in small businesses in Prince George’s and Montgomery Counties,” said James W. Cornelsen, President and Chief Executive Officer of Old Line Bank. “Our mission as a community bank is to invest in the people we serve by turning deposits into loans that directly stimulate local businesses and support our local non-profits through service and contributions.”
WSSC has modeled this program to follow the blueprint of other successful reinvestment programs instituted in both aforementioned counties. According to the WSSC, by depositing this $12 million in community banks, they will leverage the deposits “2:1 to generate $24 million in available funds to be lent to small and local businesses”. “WSSC is proud to partner with Old Line Bank and expand opportunities for local businesses to access capital needed to grow and thrive,” said WSSC General Manager and CEO Carla A. Reid. “When local businesses succeed, our local economy succeeds.”
Old Line Bank was established in 1989 and is headquartered in Prince George’s County, MD, making it a central resource for business banking in the area. Extra initiatives to grow the local economy are at the forefront of Old Line Bank’s business model. With an annual growth rate of 18% in funded business loans between 2015 and 2016, Old Line Bank continues to be a leader when it comes to small business development and local lending.
In April, both WSSC and Old Line Bank will also participate in WETATi’s (We’re Empowered To Achieve The impossible) Entrepreneurship Empowerment Competition convention. This competition is designed to identify and support local entrepreneurs, the next generation of aspiring millennials, in developing business plans and provide financial awards to assist with startup costs. The convention, scholarship and grants award will be held April 22-23 at the Colony Ballroom and Nyumburu Cultural Center, the University of Maryland, College Park. For more information about this event please visit www.wetaticonvention.com; or email firstname.lastname@example.org.
Old Line Bancshares is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Bowie, Maryland, approximately 10 miles east of Andrews Air Force Base and 20 miles east of Washington, D.C. Old Line Bank has more than 35 branches located in its primary market area of suburban Maryland (Washington, D.C. suburbs, Southern Maryland and Baltimore suburbs) counties of Anne Arundel, Baltimore, Baltimore City, Calvert, Carroll, Charles, Frederick, Harford, Howard, Montgomery, Prince George’s and St. Mary’s. It also targets customers throughout the greater Washington, D.C. and Baltimore metropolitan areas.