Eagle Financial to Merge with John Marshall Bancorp in $253M All-Stock Deal
EFSI sits 33% above its 52-week low of $31.44.
Summary
Eagle Financial Services agreed to be acquired by John Marshall Bancorp in an all-stock deal valued at ~$253 million ($46.72/share), a 11.5% premium. EFSI holders receive 2.0 JMSB shares per EFSI share, owning 43.4% of the combined $4.4B Virginia bank. Closing expected early Q1 2027.
Key Events · M&A and Partnerships · EFSI
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Definitive Merger Agreement Signed
EFSI and John Marshall Bancorp (JMSB) entered into a definitive merger agreement on September 7, 2026. EFSI will merge into JMSB in an all-stock transaction valued at approximately $253 million, or $46.72 per EFSI share.
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Exchange Ratio and Ownership
Each EFSI share converts into 2.0 JMSB shares. Pro forma ownership is 56.6% JMSB / 43.4% EFSI. The implied $46.72 per share represents an 11.5% premium to EFSI's $41.90 closing price on September 4, 2026.
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Combined Company Scale
The combined company will have approximately $4.4 billion in assets, $3.7 billion in deposits, $3.6 billion in loans, and 23 banking offices spanning the Shenandoah Valley through Northern Virginia to Washington, D.C.
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Leadership and Governance
The 12-member combined board will be split evenly (6 JMSB, 6 EFSI). Christopher W. Bergstrom (JMSB) will serve as Executive Chairman; Brandon C. Lorey (EFSI) will serve as CEO. Kent D. Carstater (JMSB) will be President and COO.
Analysis · EFSI · Finance
Eagle Financial Services has agreed to be acquired by John Marshall Bancorp in an all-stock transaction valued at approximately $253 million, or $46.72 per EFSI share — an 11.5% premium to EFSI's closing price of $41.90 on September 4, 2026. Each EFSI share converts into 2.0 JMSB shares, giving EFSI holders 43.4% of the combined company. The deal creates a $4.4 billion Virginia banking franchise spanning the Shenandoah Valley through Northern Virginia to Washington, D.C., with 23 banking offices. The combined board will have 12 members split evenly between the two companies, with JMSB's Christopher W. Bergstrom as Executive Chairman and EFSI's Brandon C. Lorey as CEO. JMSB expects to raise its quarterly dividend to $0.155 per share, equivalent to EFSI's current $0.31 quarterly payout. The transaction is expected to close early in Q1 2027, subject to shareholder and regulatory approvals. A $10.1 million termination fee applies in certain circumstances. This is a thesis-altering event for EFSI shareholders — the company will cease to exist as an independent entity, and the merger economics (11.5% premium, 2.0x exchange ratio, dividend parity) will drive the stock toward the implied deal value.
How filings like this one have moved
In the 30 days to Sep 8, 2026, 45.2% of the 628 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, EFSI was trading at $41.91 on NASDAQ in the Finance sector, with a market capitalization of approximately $226.7M. The 52-week trading range was $31.44 to $45.44. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.