John Marshall Bancorp closes $25M subordinated note private placement, plans to redeem existing notes

John Marshall Bancorp, Inc.

$25M principal of 5.25% fixed-to-floating subordinated note due 2032 issued at par; net proceeds ~$24.6M.
Proceeds to be used for general corporate purposes, including redeeming 5.75% notes due 2027 after July 15, 2022 call date.
Note qualifies as Tier 2 capital; interest fixed at 5.25% through June 2027, then SOFR+245bp quarterly.
Keefe, Bruyette & Woods acted as sole placement agent.
Note is unsecured, subordinated obligation, junior to senior debt, not convertible or redeemable by holders.

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