Provides Update on SEC Registration Process
RESTON, Va., December 06, 2021--(BUSINESS WIRE)--John Marshall Bancorp, Inc. (OTCQB: JMSB) (the "Company"), the parent company of John Marshall Bank, today announced that it submitted an application to list its common stock on the Nasdaq Capital Market®. The Company believes that it meets the financial, liquidity and corporate governance requirements for listing on the Nasdaq Capital Market®; however, any move to Nasdaq is contingent upon fulfilling those requirements and the Company registering its common stock with the Securities and Exchange Commission (the "SEC").
The Company intends to file a registration statement with the SEC during the first quarter of 2022 pursuant to which it would register its common stock under the Securities Exchange Act of 1934. The Company’s common shares will continue to be quoted on the OTCQB Market until such time as the shares may be listed on the Nasdaq Capital Market®, if the Company’s application is approved by Nasdaq and the registration statement is declared effective by the SEC.
"John Marshall Bancorp, Inc. has a 15 year history of demonstrated growth," said Chris Bergstrom, President and CEO. "We believe that registering with the SEC and moving to the Nasdaq Capital Market® complements our growth profile. We feel Nasdaq affords better access to capital, greater trading volume through a broader potential investor base and possible inclusion in a stock market index, and enhanced means to use our stock as acquisition consideration. We believe that the move will provide us with increased strategic optionality and better position the Company to further drive value for shareholders."
About John Marshall Bancorp, Inc.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank ("JMB" or the "Bank") is a $2.1 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. JMB 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. Dedicated Relationship Managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies, and Title Companies. Learn more at www.johnmarshallbank.com.
In addition to historical information, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiary include, but are not limited to the following: changes in interest rates, general economic conditions, public health crises (such as the governmental, social and economic effects of COVID-19), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and other conditions which by their nature are not susceptible to accurate forecast, and are subject to significant uncertainty. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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Christopher W. Bergstrom, President & CEO of John Marshall Bancorp, Inc.