John Marshall Bank begins offering of up to 2 million shares
Reston-based John Marshall Bank has begun an offering of up to 2 million shares of shares of its common stock.
The bank said the offering price will be $12.50 to $13.50 per share. The number of shares offered may be increased by up to 400,000 shares if the offering is oversubscribed.
Gross proceeds of the offering, before expenses of the offering, fees and commissions, are expected to be about $25 million (or $30 million if the offering is oversubscribed).
The bank plans to use the net proceeds of the offering to support its existing operations, potential growth and expansion, and for general corporate purposes.
The offering is expected to close on or about Nov. 15, but closing could be extended to no later than Dec. 16. The board of directors reserves the right to change the terms of the proposed offering or to cancel the offering at any time.
BB&T Capital Markets, a division of BB&T Securities LLC, is serving as sales agent of the offering.
The John Marshall Ban has $596.6 million in assets. Founded in 2006, it has offices in Reston, Alexandria, Arlington, Leesburg, Falls Church, Rockville, Md., and Washington, D.C.