Monitor shareholder vote outcomes on November 19, 2026, and regulatory approval timeline from the Federal Reserve and Virginia BFI. The fixed exchange ratio means JMSB's stock price movement directly impacts the deal's value for EFSI shareholders.
Price Chart
Executive Summary
John Marshall Bancorp (JMSB) filed Amendment No. 1 to its S-4 registration statement for the proposed merger with Eagle Financial Services (EFSI). Under the fixed exchange ratio of 2.00 JMSB shares per EFSI share, JMSB expects to issue approximately 10.8 million shares, giving EFSI shareholders ~43.4% of the combined company. Both companies' special shareholder meetings are scheduled for November 19, 2026, with the merger expected to close in Q1 2027.
Key Facts
- Fixed exchange ratio of 2.00 JMSB shares per EFSI share
- JMSB expects to issue ~10,823,230 shares in the merger
- EFSI shareholders will own ~43.4% of the combined company
- Shareholder meetings set for November 19, 2026
- Merger expected to close in Q1 2027
- Implied value of merger consideration was $46.72 per EFSI share based on JMSB's Sept 4, 2026 closing price of $23.36
- Termination fee of $10,100,000 payable by either party under certain conditions
- Both boards unanimously recommend approval
Financial Impact
Pro forma combined entity with ~$4.29 billion in total assets and ~$504.7 million in shareholders' equity as of June 30, 2026. Pro forma goodwill estimated at $61.1 million. Transaction expected to be accretive to JMSB's EPS in 2027-2030 but dilutive to tangible book value per share at close.
Risk Factors
- Shareholder approval may not be obtained
- Regulatory approvals may be delayed or impose burdensome conditions
- Integration risks and potential failure to realize expected synergies
- Market price of JMSB stock may fluctuate, affecting deal value for EFSI shareholders
- Litigation could delay or prevent the merger
Investment Themes
Documents Analyzed
This report is based on 15 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4/A Filing (Primary) | 0001104659-26-115283 |
| Document: tm2625851d4_ex8-1.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex8-2.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex5-1.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-9.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-10.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-2.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-1.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-5.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-6.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-8.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex99-7.htm | 0001104659-26-115283 |
| Document: tm2625851d4_ex23-5.htm | 0001104659-26-115283 |
| Document: 0001104659-26-115283-index-headers.html | 0001104659-26-115283 |
| Document: 0001104659-26-115283.txt | 0001104659-26-115283 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | EFFECT | $22.80 | awaiting T+60 | — | $23.37 (+2.50%) |
Oct 13, 2026 13d ago | S-4/A | $23.01 | awaiting T+60 | — | $23.37 (+1.56%) |
Oct 2, 2026 24d ago | S-4 | $23.00 | awaiting T+60 | — | $23.37 (+1.61%) |
Aug 19, 2026 9w ago | 8-K | $22.87 | awaiting T+60 | — | $23.37 (+2.19%) |
Jul 28, 2026 12w ago | 8-K | $23.58 $22.94 | ▼ −2.71% | ▼ −7.06% | $23.37 (−0.89%) |
Jul 22, 2026 13w ago | 8-K | $22.18 $22.79 | ▲ +2.75% | ▼ −0.51% | $23.37 (+5.37%) |
Jul 22, 2026 13w ago | 8-K | $22.18 $22.79 | ▲ +2.75% | ▼ −0.51% | $23.37 (+5.37%) |
Jun 16, 2026 18w ago | 8-K | $21.30 $23.19 | ▲ +8.87% | ▲ +7.87% | $23.37 (+9.72%) |
Jun 5, 2026 20w ago | Insider Cluster | $21.42 | awaiting T+60 | — | $23.37 (+9.10%) |
Apr 29, 2026 25w ago | DEFA14A | $20.88 $22.34 | ▲ +6.99% | ▲ +2.88% | $23.37 (+11.93%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers