M&A · Financials · State Commercial Banks
John Marshall Bancorp, Inc. to acquire Eagle Financial Services Inc
Announced Sep 8, 2026 · Pending Oct 16, 2026
Deal value$253M
Premium11.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$46.72 per share
Transaction
- Acquirer
- John Marshall Bancorp, Inc. (JMSB)
- Target
- Eagle Financial Services Inc (EFSI)
- Buyer type
- Strategic
- Offer price per share
- $46.72
- Enterprise value
- —
- Status
- Pending Oct 16, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 11.5% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedSep 8, 2026
- Proxy filedOct 16, 2026
- Definitive proxyOct 16, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Precedent transactionsPiper Sandler$25.69$45.80
Precedent transactionsPiper Sandler$35.67$58.53
Precedent transactionsPiper Sandler$12.87$23.04
Precedent transactionsPiper Sandler$18.79$30.98
Precedent transactionsPiper Sandler$34.74$55.83
Discounted cash flowStifel$19.74$25.03
Discounted cash flowStifel$37.55$48.13
Discounted cash flowStifel$23.13$29.84
Offer $46.72
Implied value per Eagle Financial Services Inc share by analysis, from Piper Sandler and Stifel · DCF discount rate 9%–13%.