Virginia’s John Marshall Bancorp has entered a deal to merge with local peer Eagle Financial Services, the parent of Bank of Clarke, in an all-share deal worth about $253m.
Based on John Marshall’s closing share price of $23.36 on 4 September 2026, the deal implies a value of $46.72 for each Eagle Financial Services common share.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Once the transaction is completed, the merged business will have $4.4bn in assets and 23 banking offices.
Its network will extend from the Shenandoah Valley across Northern Virginia and into neighbouring Montgomery County, Maryland, reaching the US capital.
The parent company of the combined group will retain the name John Marshall Bancorp, and will be based in Reston, Virginia.
Its banking unit will be headquartered in Berryville, Virginia.
The shares will continue trading on Nasdaq under the symbol “JMSB.”
John Marshall CEO and president Chris Bergstrom said: “Bank of Clarke has spent nearly a century and a half earning the trust of the Shenandoah Valley.
“Together we will have the scale to do more for our clients, more for our employees and more for the communities we serve, without giving up the local decision-making that has defined both of our banks.”
The two banks will keep their existing brands. Bank of Clarke will remain the name used in its established Shenandoah Valley markets.
The board of the combined holding company will have 12 directors, split evenly between the two companies.
The deal is due to close early in the first quarter of 2027, subject to customary conditions, including regulatory clearance and approval from shareholders of both John Marshall and Eagle Financial Services.
Eagle Financial Services CEO and president Brandon Lorey said: “At its core, this is about bringing together two organisations that think alike, serve customers the same way, and believe in the future of community banking. By combining our strengths, we’re creating a stronger franchise with greater lending capacity, more opportunities for employees, and the scale to continue investing in our customers and communities for years to come.”
