John Marshall Bancorp, Inc. Announces Stock Repurchase Program
RESTON, Va.--(BUSINESS WIRE)--Aug 18, 2021--
John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”) announced today that its Board of Directors has authorized a stock repurchase program, whereby the Company may repurchase up to 675,000 shares of its common stock, or approximately 5% of its outstanding shares of common stock. As of June 30, 2021, the Company had approximately 13.6 million shares outstanding.
Chris Bergstrom, President and Chief Executive Officer, commented, “John Marshall Bancorp’s ten consecutive quarters of record earnings demonstrate the Company’s commitment to providing shareholder value through profitable growth. We believe there have been periods where our share price did not reflect these results. We expect that the stock repurchase program will promote liquidity, enhance our ability to grow earnings per share and be a sound investment on behalf of our shareholders.”
Any purchases under the Company’s repurchase program may be made periodically as permitted by securities laws and other legal requirements in the open market or in privately-negotiated transactions. The timing and amount of any repurchase of shares, if any, will be determined by the Company’s management, based on its evaluation of market conditions, business, legal and other factors. Under applicable law, repurchased shares will be cancelled and revert to the status of authorized but unissued shares.
The Company currently anticipates the stock repurchase program will expire on August 31, 2022, or earlier if the shares have been repurchased. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares. The repurchase program may be extended, modified, suspended or terminated at any time without notice, in the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases.
About John Marshall Bancorp, Inc.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, Rockville, Tysons, and Washington, D.C. and one loan production office in Arlington, Virginia. The Company is dedicated to providing an exceptional customer experience and value to local businesses, business owners and consumers in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products, services and a digital platform that rival those of the largest banks. Dedicated relationship managers serving as direct point-of-contact along with an experienced staff help achieve customer’s financial goals. 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), 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. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
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CONTACT: Chris Bergstrom
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: John Marshall Bancorp, Inc.
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PUB: 08/18/2021 05:08 PM/DISC: 08/18/2021 05:08 PM