Reston-based John Marshall Bank will nearly double in size through a $253 million all-stock deal to acquire the parent of Bank of Clarke.

The announcement Tuesday, Sept. 8 marks John Marshall Bancorp's first-ever acquisition since the bank was founded in 2006. Eagle Financial Services, the Berryville-based parent of Bank of Clarke, would merge into John Marshall in a deal that creates a combined company with roughly $4.4 billion in assets and 23 banking offices stretching from the Shenandoah Valley through Northern Virginia and into Maryland and Washington, D.C.

For Reston, the deal means the community bank headquartered at 1943 Isaac Newton Square East keeps its corporate home here. The combined holding company will remain John Marshall Bancorp, trading on Nasdaq under the ticker JMSB, with headquarters staying in Reston.

Under the terms, each share of Eagle Financial common stock converts into two shares of John Marshall stock. The implied price of $46.72 per Eagle share represents an 11.5% premium over Eagle's closing price of $41.90 on Friday, Sept. 4.

Christopher W. Bergstrom, John Marshall's president and chief executive, will become executive chairman of the combined company. Brandon C. Lorey, who leads Eagle Financial and Bank of Clarke, will serve as CEO of both the holding company and the banking subsidiary.

"Bank of Clarke has spent nearly a century and a half earning the trust of the Shenandoah Valley," Bergstrom said in the announcement. "Together we will have the scale to do more for our clients, more for our employees and more for the communities we serve, without giving up the local decision-making that has defined both of our banks."

Kent D. Carstater, John Marshall's chief financial officer, will become president of the combined company and chief operating officer of the bank. Joseph T. Zmitrovich, Bank of Clarke's chief banking officer, will become chief revenue officer and president of the banking subsidiary, CityBiz reported.

The 12-member board will split evenly, with six directors from each company. Cary C. Nelson will serve as lead independent director.

Both banks will keep their current names. Bank of Clarke, established in 1881, will continue operating under its own brand in the Shenandoah Valley.

John Marshall operates eight branches in Alexandria, Arlington, Loudoun, Prince William, Reston, Tysons, Rockville and Washington, D.C. Eagle Financial brings 14 branches and a wealth management business with about $599 million in assets under management.

An SEC filing projects the combined institution would rank as the fifth-largest Virginia-headquartered bank by deposits. The companies expect the deal to close early in the first quarter of 2027, pending regulatory and shareholder approvals.

John Marshall's board unanimously approved the agreement. Eagle Financial's board also approved it unanimously among directors present.