John Marshall Bank Common (JMSB) Announces Plan to Repurchase 675k

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.

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