John Marshall Bank in Reston, Va., plans to sell up to $30 million worth of common stock.
The $597 million-asset bank plans to sell as many as 2.4 million shares of its common stock for between $12.50 and $13.50 a share, it announced last week. The bank expects the sale to close by Dec. 16, it said.
John Marshall expects to raise between $25 and $30 million from the offering, minus commissions and expenses, and it said it would use the proceeds will use to support its operations, growth and expansion. BB&T Capital Markets is the sales agent.
The bank has seven offices in Virginia, Washington, D.C., and Maryland.