Eagle Financial, John Marshall plan 2027 bank merger

EAGLE FINANCIAL SERVICES INC (EFSI), parent of Bank of Clarke, announced a definitive agreement with John Marshall Bancorp, Inc., parent of John Marshall Bank, to combine in a merger of equals, including a combination of the two banks.

Rhea-AI Filing Summary

EAGLE FINANCIAL SERVICES INC (EFSI), parent of Bank of Clarke, announced a definitive agreement with John Marshall Bancorp, Inc., parent of John Marshall Bank, to combine in a merger of equals, including a combination of the two banks. The companies describe highly complementary Virginia community banking franchises with larger scale, greater lending capacity and broader products and services, while emphasizing continuity of relationship banking and local decision-making. Bank of Clarke branches are currently expected to remain open, with customers gaining access to John Marshall Bank locations and the combined bank remaining headquartered in Berryville. Customer accounts, cards and online banking are expected to continue without immediate changes, and the Bank of Clarke brand is expected to continue in certain business lines and markets. The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals, shareholder approvals at both companies, and other customary closing conditions.

Filing Explained

No share count or exchange ratio is disclosed, so the merger’s potential dilution cannot yet be sized from this filing.

The agreed merger remains proposed and would involve John Marshall issuing common shares; if completed, that issuance would reduce existing holders’ percentage ownership, but no current issuance is disclosed.

The filing does not state a share count, exchange ratio, or resulting ownership percentages, so it identifies a potentially dilutive structure without establishing its size.

The next disclosure path is a Form S-4 registration statement containing a joint proxy statement/prospectus, which the filing says will be used in connection with shareholder approvals.

Key Figures

Expected closing period: First quarter of 2027 Form S-4: Registration statement to be filed Headquarters location: Berryville, Virginia

3 metrics

Expected closing period First quarter of 2027 Targeted closing period for the merger of equals, subject to approvals

Form S-4 Registration statement to be filed Will register John Marshall common stock issued in the merger

Headquarters location Berryville, Virginia Location where the combined bank will remain headquartered

Key Terms

merger of equals, registration statement on Form S-4, joint proxy statement/prospectus, forward-looking statements, +1 more

5 terms

merger of equals financial

"entered into an agreement to combine in a merger of equals"

A merger of equals is when two companies of similar size and value combine into a single business with shared ownership and leadership, rather than one company buying the other. Investors care because it reshuffles who owns and controls the combined company, aims to cut duplicate costs and strengthen market position, but also brings integration risks that can affect future profits and each company’s stock value.

registration statement on Form S-4 regulatory

"will file a registration statement on Form S-4 with the SEC"

A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.

joint proxy statement/prospectus regulatory

"The registration statement will include a joint proxy statement/prospectus"

A joint proxy statement/prospectus is a single, combined document that both asks shareholders to vote on a proposed transaction and provides the detailed information required when new securities are being offered. Think of it as a combined ballot and product brochure that explains the deal, the companies’ finances, key risks and how ownership will change. Investors rely on it to understand the terms, evaluate risks and make informed voting and investment decisions.

forward-looking statements regulatory

"this communication contains forward-looking statements within the meaning"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

smaller reporting company regulatory

"implications of John Marshall’s status as a smaller reporting company"

A smaller reporting company is a publicly traded firm that meets regulatory size tests allowing it to provide abbreviated financial disclosures and compliance filings compared with larger companies. For investors, that means financial statements and notes may be less detailed, which can make it harder to compare performance or spot risks—think of reading a short summary instead of a full report when deciding whether to buy or hold a stock.

FAQ

What merger did EFSI announce involving Bank of Clarke and John Marshall Bank?

EAGLE FINANCIAL SERVICES INC (EFSI), parent of Bank of Clarke, and John Marshall Bancorp, Inc., parent of John Marshall Bank, agreed to a merger of equals combining both banks into a larger Virginia-based community bank.

When is the EFSI–John Marshall Bancorp merger expected to close?

The merger is expected to close in the first quarter of 2027, subject to customary closing conditions, including required regulatory approvals and approval by the shareholders of both EFSI and John Marshall Bancorp.

How will the EFSI merger affect Bank of Clarke customers’ accounts and services?

Bank of Clarke customers are told there will be no immediate changes to accounts, account numbers, checks, debit cards, or online and mobile banking. Any future changes after closing will be communicated directly and in advance to affected customers.

Will Bank of Clarke branches and branding change after the EFSI merger?

All Bank of Clarke branches are currently expected to remain open, and the Bank of Clarke brand is expected to continue in mortgage, leasing, trust/wealth management, and branches in Purcellville, Warrenton and the Shenandoah Valley.

Where will the combined bank from the EFSI merger be headquartered?

The combined bank is expected to remain headquartered in Berryville, Virginia, maintaining Bank of Clarke’s longstanding community presence in the Shenandoah Valley while expanding into complementary Virginia markets.

What regulatory filings will relate to the EFSI and John Marshall Bancorp merger?

John Marshall Bancorp plans to file a registration statement on Form S-4 with the SEC, including a joint proxy statement/prospectus for both companies’ shareholders, who will receive it for voting on approvals related to the merger.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/08/2026 - 08:55 AM Accepted by SEC EDGAR 09/08/2026 - 08:53 AM Learn about SEC filing dates

Filed by Eagle Financial Services, Inc.

Pursuant to Rule 425 under the Securities Act of 1933

And deemed filed pursuant to Rule 14a-12

Under the Securities Exchange Act of 1934

Subject Company: Eagle Financial Services, Inc.

Commission File No.: 001-42512

Date: September 8, 2026

Customer Frequently Asked Questions

Bank of Clarke and John Marshall Bank Merger of Equals

What was announced?

On September 8, 2026, Eagle Financial Services, Inc., the parent company of Bank of Clarke, and John Marshall Bancorp, Inc., the parent company of John Marshall Bank, announced that they have entered into an agreement to combine in a merger of equals. Bank of Clarke and John Marshall Bank will also combine, bringing together two successful Virginia community banks with complementary markets, similar cultures, and a shared commitment to relationship banking.

Why are Bank of Clarke and John Marshall Bank combining?

We believe the combination of our highly complementary banks will provide significant benefits for our employees, customers, and shareholders. Together, we can create a stronger Virginia-based community bank with greater scale, increased lending capacity, broader expertise, expanded capabilities, and additional resources to invest in our employees, customers, technology, and communities. The combination allows us to grow while preserving the personal service, local relationships, and responsive decision-making that define community banking.

What does this mean for me?

The announcement of the transaction will have no immediate impact on you. Please continue to conduct your banking with us as you have always done. Even after legal closing, for most customers, banking should feel very much the same. We will continue to support you with the same bankers and relationship teams you know and trust, with the added strength and resources of a larger organization.

Will my banker or relationship manager change?

As mentioned, it will be business as usual until closing. Even after legal closing, we expect customers to continue working with their existing bankers and relationship teams. Preserving those trusted relationships is one of our highest priorities.

Will my accounts, account numbers, checks, debit cards, online banking, or other services change?

No customer action is required as a result of this announcement. Your accounts, account numbers, checks, debit cards, online and mobile banking access, and other services will continue. If, after legal closing, we ever need to communicate a change affecting a particular product or service, we will contact affected customers directly and well in advance.

Will my branch remain open?

We currently expect all Bank of Clarke branches to remain open. One of the benefits of this transaction is that the two banks have complementary geographic footprints with limited branch overlap. Once the combination is consummated, you will have access to a broader branch system. John Marshall Bank has branches in Alexandria, Arlington, Leesburg, Reston, Rockville, Tysons, Washington, and Woodbridge.

Will lending decisions remain local?

Yes. Both organizations believe that local knowledge, strong relationships, and responsive decision-making are fundamental to community banking. The combined organization will continue to value decisions made by bankers who know their customers and markets.

How will the combination benefit customers?

Customers will continue receiving personal, relationship-driven service while gaining access to greater lending capacity, broader expertise, expanded products and services, and the resources of a larger organization.

Is Bank of Clarke becoming a Northern Virginia bank?

No. Bank of Clarke will remain deeply rooted in the Shenandoah Valley and committed to the customers and communities that have shaped our organization for generations. The combination connects complementary Virginia markets and expands the reach of our community banking model. It does not diminish our commitment to the Valley. The combined bank will remain headquartered in Berryville.

Will the Bank of Clarke name go away?

No.

The Bank of Clarke brand is expected to remain an important part of the combined organization.

Current plans call for the Bank of Clarke name to continue in our mortgage, leasing and trust/wealth management businesses, as well as in branches serving customers in Purcellville, Warrenton, and throughout the Shenandoah Valley.

For generations, the Bank of Clarke name has represented community banking, local relationships, and a commitment to the communities we serve. We intend to continue building on that legacy while benefiting from the additional scale and resources of the combined organization.

Will the combined organization still be a community bank?

Yes. The combined organization will remain focused on relationship banking, local market knowledge, responsive decision-making, and serving the businesses, families, and communities in our markets. The combination expands the reach of our community banking model while preserving the values that have guided us for generations.

Will the bank and the Bank of Clarke Foundation continue supporting local communities?

Yes. Both banks have meaningful histories of charitable giving, volunteerism, financial education, sponsorships, and local leadership and our commitment to these will continue. We believe a larger and stronger organization can expand that impact as it grows. We remain guided by a simple belief: we are only as strong as the communities we serve.

When is the merger expected to close?

The timing of the regulatory approval process can be difficult to predict; however, the transaction is expected to close in the first quarter of 2027. The completion of the transaction is subject to satisfying customary closing conditions, including receipt of required regulatory approvals and the requisite approval of shareholders of each of Eagle Financial Services and John Marshall. The integration of customer accounts, services, and branches will occur separately.

Who can I contact with questions?

Please contact your usual banker, relationship manager, or local Bank of Clarke office. We will continue to update customers as additional information becomes available.

Cautionary Note Regarding Forward-Looking Statements

In addition to historical information, this communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on certain assumptions and describe future plans, strategies and expectations of John Marshall, Eagle, the combined company or otherwise relating to the proposed transaction. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements as a result of a variety of factors, many of which are beyond the control of John Marshall, Eagle and the combined company. Caution should be exercised against placing undue reliance on forward-looking statements. Factors which could cause actual results to differ materially include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of John Marshall or Eagle to terminate the definitive agreement; the outcome of any legal proceedings or governmental inquiries or actions that may be instituted against John Marshall, Eagle or the combined company; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals or consents are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that required regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the ability of John Marshall and Eagle to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; any changes of, including the risk that any announcements relating to the proposed transaction could have adverse effects on, the market price of the common stock of John Marshall or Eagle; the possibility that the anticipated benefits or synergies of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where John Marshall and Eagle do business, and such integration may be more difficult, time-consuming or costly than expected and may result in unexpected liabilities or operational disruptions; certain restrictions during the pendency of the proposed transaction that may impact John Marshall’s and Eagle’s ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of John Marshall management’s or Eagle management’s attention from ongoing business operations and opportunities; revenues following the proposed transaction may be lower than expected; the concentration of John Marshall’s business in the Washington, D.C. metropolitan area and the effect of changes in the economic, political and environmental conditions on this market, including shutdowns and potential reductions in spending by the United States government, and related reductions in the federal workforce; adequacy of allowance for loan credit losses, allowance for unfunded commitments credit losses, and allowance for credit losses associated with John Marshall’s held-to-maturity and available-for-sale securities portfolios; deterioration of John Marshall’s or Eagle’s asset quality; future performance of John Marshall’s or Eagle’s loan portfolio with respect to recently originated loans; the level of prepayments on loans and mortgage-backed securities; liquidity, market volatility, interest rate and operational risks; changes in the financial condition or results of operations that reduce capital of John Marshall, Eagle or the combined company; the ability of John Marshall, Eagle or the combined company to maintain existing deposit relationships or attract new deposit relationships; changes in consumer spending, borrowing, investment, repayment and savings habits; inflation, recession and changes in interest rates; changes in the monetary and fiscal policies of the United States government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; risks related to new lines of business, products, product enhancements or services; increased competition with other financial institutions and fintech companies; adverse changes in the securities markets; the dilution caused by John Marshall’s issuance of additional shares of its capital stock in connection with the proposed transaction; changes in the financial condition or future prospects of issuers of securities that we own; John Marshall’s and Eagle’s ability to maintain an effective risk management framework; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements; compliance with legislative or regulatory requirements; results of examination of John Marshall,

Eagle or the combined company by regulators, including the possibility of requirements to increase allowance for credit losses or to write-down assets or take similar actions; potential claims, damages, and fines related to litigation or government actions; the effectiveness of John Marshall’s or Eagle’s internal controls over financial reporting and their ability to remediate any future material weakness in internal controls over financial reporting; geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad; the effects of weather-related or natural disasters, which may negatively affect the operations and/or loan portfolio and increase cost of conducting business of John Marshall or Eagle; public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto; technological risks and developments, data privacy and security risks, and cyber threats, attacks, or events; changes in accounting policies and practices; the ability of John Marshall, Eagle or the combined company to successfully capitalize on growth opportunities; the ability of John Marshall, Eagle or the combined company to retain or hire key employees or to maintain relationships with customers, suppliers or other business partners, including in connection with the announcement, pendency or completion of the proposed transaction; risks related to the potential impact of general economic, political and market conditions, either nationally or in the relevant market area, including higher unemployment and lower real estate values; implications of John Marshall’s status as a smaller reporting company and as an emerging growth company; and other factors discussed in John Marshall’s and Eagle’s reports (such as Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made and are based on information available at that time; and neither John Marshall or Eagle undertakes, and each of them specifically disclaims, any obligation or duty to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or otherwise update such forward-looking statements, whether written or oral, except as required by applicable securities laws. The foregoing list of factors is not exhaustive, and other factors that may affect actual results or future events may emerge from time to time. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Additional Information About the Merger and Where to Find It

In connection with the proposed transaction, John Marshall will file a registration statement on Form S-4 with the SEC to register the shares of John Marshall common stock to be issued in connection with the proposed transaction. The registration statement will include a joint proxy statement of John Marshall and Eagle, which also constitutes a prospectus of John Marshall. When final, a definitive copy of the joint proxy statement/prospectus will be mailed or otherwise delivered to shareholders of John Marshall and shareholders of Eagle in connection with the solicitation of certain approvals related to the proposed transaction. Each of John Marshall and Eagke may file with the SEC other relevant documents concerning the proposed transaction.

INVESTORS AND SHAREHOLDERS OF JOHN MARSHALL AND EAGLE AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT JOHN MARSHALL, EAGLE AND THE PROPOSED TRANSACTION.

Investors and shareholders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about John Marshall and Eagle, without charge, at the SEC’s website, www.sec.gov, when they are filed. Copies of documents filed with the SEC by John Marshall will be made available free of charge in the “Investor Relations” section of John Marshall’s website, investor.johnmarshallbank.com, or can be obtained by requesting by mail at John Marshall Bancorp, Inc., 1943 Isaac Newton Square East, Suite 100, Reston, Virginia 20190, Attention: Corporate Secretary. Copies of documents filed with the SEC by Eagle will be made available free of charge in the “Investor Relations” section of Eagle’s website, investors.bankofclarke.bank, or can be obtained by requesting by mail at Eagle Financial Services, Inc., 2 East Main St, P.O. Box 391, Berryville, Virginia 22611, Attention: Secretary. The information on John Marshall’s or Eagle’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

John Marshall, Eagle and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders of John Marshall and shareholders of Eagle in respect of the proposed transaction under the rules of the SEC. Information regarding John Marshall’s directors and executive officers is available in its definitive proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on April 29, 2026, and certain other documents filed by John Marshall with the SEC. Information regarding Eagle’s directors and executive officers is available in its definitive proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on April 8, 2026, and certain other documents filed by Eagle with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Investors should read these documents carefully when they become available before making any voting or investment decisions. Free copies of these documents, when available, may be obtained as described in the preceding section.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transaction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.