Old Line Bancshares Inc. announced it’s acquiring DCB Bancshares Inc. in a deal valued at $40.7 million, or approximately $25.22 per share of DCB common stock, according to a filing with the Securities and Exchange Commission.

The deal will be paid in newly issued shares of Old Line Bancshares common stock.

DCB Bancshares has consolidated assets of approximately $311 million, and Old Line Bancshares has consolidated assets of $1.7 billion as of Dec. 31, 2016.

Damascus Community Bank, a Maryland-based subsidiary of DCB Bancshares, will merge its six banking locations into Old Line Bank, a Maryland trust company with 21 banking offices, which will be the surviving bank.

“The combination of Old Line Bank and Damascus Community Bank will create the third-largest independent commercial bank based in Maryland,” said Craig E. Clark, chairman of Old Line Bancshares in a press release. “The combined institution will have the second-most banking locations in Maryland of all independent Maryland-based commercial banks.”

The merger, anticipated to close in mid-2017, will be Old Line Bancshares’ fourth since 2011. The deal is expected to be immediately accretive to Old Line Bancshares’ book value and its earnings.

Old Line Bancshares trades under the ticker OLBK on the Nasdaq stock market. Shares closed Feb. 3 at $28.28, up 76 cents, or 2.76 percent for the day.

DCB Bancshares remains on the OTC market under the ticker DCBB. Shares closed Feb. 3 at $26.88, up $1.87, or 7.48 percent for the day.