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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170706006019/en/
John Marshall Bancorp, Inc.
John R. Maxwell, 703-584-0840
Source: John Marshall Bancorp, Inc.