RESTON, Va.--(BUSINESS WIRE)--John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), the holding company for John Marshall Bank (the “Bank”) announced today it has completed a private placement of $25.0 million of fixed-to-floating subordinated notes. Unless redeemed earlier, the notes will mature on July 15, 2027. The notes bear a fixed rate of 5.75% for the first five years and will bear a floating rate equal to three-month LIBOR plus 388 basis points thereafter. The notes are intended to qualify as Tier 2 capital for the Company for regulatory purposes.
“This transaction provides cost-effective capital to fuel the continued expansion of John Marshall Bank in the Washington, DC metropolitan area and continue creating value for the shareholders of John Marshall Bancorp, Inc.,” commented John R. Maxwell, Chairman and CEO of the Company. Mr. Maxwell continued, “We are extremely pleased with the investors’ reception of the Company’s offering and business model.”
Sandler O’Neill + Partners, L.P. served as the sole placement agent for the offering and was advised by Holland & Knight LLP. The Company was advised by Buckley Sandler LLP.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security nor shall there be any sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia and has five full-service branches located in Reston, Leesburg, Arlington, Alexandria and Rockville. The Bank also has a limited-service commercial branch located in Washington, DC and a loan production office located in Tysons Corner, VA. Further information on the Bank can be obtained by visiting its website at www.johnmarshallbank.com.
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast, and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.