Buckley Sandler Advises John Marshall Bank on Completion of Common Stock Offering
Buckley Sandler congratulates John Marshall Bank on its successful common stock sale. This represents the third community bank transaction for Noel Gruber in four months.
Buckley Sandler, which was recently named a National Law Journal Deal Maker of the Year, continues to have a strong year acting as counsel in a number of financial deals involving stock offerings, mortgage services rights, and related transactions.
November 15, 2013, Reston, Virginia. John Marshall Bank (the “Bank”), a $627.4 million commercial bank headquartered in Reston, Virginia, announced today that it had completed its offering of common stock. An aggregate of 2,400,000 shares were sold in the offering, including all of the 400,000 oversubscription shares, at an offering price of $13.50 per share, for gross proceeds of $32,400,000. The offering was effected through the efforts of the directors and executive officers of the Bank, with the assistance, on a best efforts basis, of BB&T Capital Markets, a division of BB&T Securities, LLC, as sole sales agent.
John R. Maxwell, Chairman and Chief Executive Officer of the Bank said that he was “very appreciative of the strong support shown for the offering by the Bank’s existing shareholders and other individual investors, as well as by institutional investors, and extremely pleased to have the offering sell out at the top of the indicated price range.”
The proceeds of the offering will be used by the Bank to support its lending, deposit taking and investing activities, to support its growth and expansion and for general corporate purposes.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or 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. The offering may be made only by means of an offering circular, as supplemented and amended. The securities are not deposits and are neither insured nor approved by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation or any other bank regulatory agency. The securities are being offered pursuant to an exemption from registration under the Securities Act of 1933 provided by Section 3(a)(2) of such Act.
Caution About Forward-Looking Statements. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to statements about the Bank’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of the Bank’s operations and policies and regarding general economic conditions. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties and assumptions. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the offering circular, as amended and supplemented.