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John Marshall Bancorp, Inc. Announces Completion of Private Placement of Subordinated Note
RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”) announced today the completion of its issuance and sale of a 5.25%
About this update from John Marshall Bancorp, Inc.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nJohn Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”) announced today the completion of its issuance and sale of a 5.25% fixed-to-floating rate subordinated note due 2032 in the principal amount of $25.0 million (the “Note”) to an institutional investor in a private placement. The Note was sold at par, resulting in net proceeds, after discounts and estimated offering expenses, of approximately $24.6 million.\n\nJohn Marshall Bancorp, Inc. intends to use the net proceeds of this offering for general corporate purposes, which may include, among other things, redeeming the Company’s 5.75% fixed-to-floating rate subordinated notes due 2027 after they become callable on July 15, 2022, financing organic growth, supporting regulatory capital levels, and ongoing working capital needs.\n\nKeefe, Bruyette & Woods, Inc. acted as sole placement agent for the offering.\n\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy any security, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. The Note has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Note is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.\n\nAbout John Marshall Bancorp, Inc.\n\nJohn Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank (the “Bank”). The Bank is a $2.25 billion bank headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. with one loan production office in Arlington, Virginia. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers’ financial goals. Dedicat...