John Marshall Bancorp, Inc, the parent company of John Marshall Bank, announced it would merge with Eagle Financial Services, Inc, the parent company of Bank of Clarke.
In a definitive merger agreement, the two Virginia community banking franchises said EFSI would merge into John Marshall, creating a stronger bank with more lending power.
“At its core, this is about bringing together two organizations that think alike, serve customers the same way, and believe in the future of community banking,” Brandon Lorey, president and CEO of Eagle Financial Services, said. “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.”
Officials said the merger creates a $4.4 billion company with 23 banking offices from the Shenandoah Valley through Northern Virginia and into Montgomery County, Maryland. The merger also brings together a leadership team of proven bankers, officials said, who have built their careers in the communities they serve. Once the merger closes, the bank will provide more capabilities backed by the resources of a larger bank, officials said.
“Bank of Clarke has spent nearly a century and a half earning the trust of the Shenandoah Valley,” Chris Bergstrom, president and CEO of John Marshall, said. “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 combined holding company will be John Marshall Bancorp, Inc. and will be headquartered in Reston, VA. The banking subsidiary will be headquartered in Berryville, VA, officials said. Both companies will continue to operate under their current brands, the company said.
Brandon C. Lorey, current president and CEO of EFSI, will serve as CEO and a director of both the combined company and the banking subsidiary, while Kent D. Carstater, current CFO of John Marshall, will serve as President of the combined company and COO of the banking subsidiary. Joseph T. Zmitrovich, current Chief Banking Officer of EFSI, will serve as Chief Revenue Officer of the combined company and president of the banking subsidiary.