John Marshall Bank raises $32.4 million in public offering
Reston-based John Marshall Bank expects gross proceeds of $32.4 million from the sale of 2.4 million shares of its common stock in a public offering.
The stock was priced at $13.50 a share, at the top of its offering price range. The offering is scheduled to close on Friday.
The number of shares being sold includes 400,000 oversubscription shares.
When the bank announced the public offering on Oct. 18, it expected gross proceeds of about $25 million on the sale of 2 million shares.
The bank plans to use the money raised in the offering to support its lending, deposit taking and investment activities and to boost its growth and expansion and for general corporate purposes.
John Marshall Bank began operations in 2006, focusing on small and midsize businesses in the Washington, D.C, area. As of Sept. 30, 2013, it had $627.4 million in assets.
In the first nine months of 2013, the company had net income of $5.2 million, up 47 percent from the same period last year. Diluted earnings per share were 87 cents in the nine-month period this year, up from 60 cents last year.
In addition to its headquarters in Reston, it has full-service Virginia offices in Arlington, Falls Church and Leesburg and in Rockville, Md.
The bank also has limited-service branches in Alexandria and Washington, D.C.