<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2006


                           James Monroe Bancorp, Inc.
             (Exact name of registrant as specified in its charter)
<TABLE>

<S>                                                   <C>                            <C>
                     Virginia                               000-32641                    54-1941875
  (State or other jurisdiction of incorporation)      Commission File Number          (I.R.S. Employer
                                                                                     Identification No.)

    3033 Wilson Boulevard, Arlington, Virginia                                              22201
     (Address of principal executive offices)                                            (Zip Code)
</TABLE>

        Registrant's telephone number, including area code: 703.524.8100

         Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2. below):

         |X|    Written communications pursuant to Rule 425 under the Securities
                Act (17 CFR 230.425)

         |_|    Soliciting material pursuant to Rule 14a-12 under the Exchange
                Act (17 CFR 240.14a-12)

         |_|    Pre-commencement communications pursuant to Rule 14d-2(b) under
                the Exchange Act (17 CFR 240.14d-2(b))

         |_|    Pre-commencement communications pursuant to Rule 13e-4(c) under
                the Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 1.01 Entry Into a Material Definitive Agreement

     On March 27, 2006 James Monroe Bancorp, Inc., Arlington, Virginia (the
"Company") entered into entered into an Agreement and Plan of Merger (the
"Agreement") with Mercantile Bankshares Corporation, Baltimore, Maryland
("Mercantile"), pursuant to which the Company will be merged into Mercantile,
with Mercantile surviving (the "Merger"). The Agreement contemplates that James
Monroe Bank, the Company's wholly owned subsidiary (the "Bank"), will be merged
into Mercantile Safe Deposit & Trust Company, Mercantile's largest subsidiary
bank.

     In connection with the execution of the Merger Agreement, (i) the directors
and executive officers of the Company entered into a Voting Agreement with
Mercantile (the "Voting Agreement"); (ii) John Maxwell, President and CEO of the
Company and three senior officers of James Monroe Bank, the Company's subsidiary
bank, each entered into employment agreements with Mercantile, to be effective
upon the effectiveness of the merger; and (iii) Richard Linhart, Chief Operating
Officer of the Company, entered into a consulting Agreement, to be effective
upon the effectiveness of the merger.

     At the effective time, and as a result of the Merger, each outstanding
share of the Company's common stock will be converted into the right to receive
either (i) $23.50 in cash without interest (the "Cash Election Price"), or (ii)
0.6033 shares of Mercantile's common stock (the "Exchange Ratio", and together
with the Cash Election Price, the "Merger Consideration"). Each Company
shareholder will be entitled to elect the number of shares to be exchanged for
the Cash Election Price or to make no election, in which case their shares will
be converted into Mercantile shares at the Exchange Ratio, in each case subject
to proration. The Agreement provides that at least 50%, and not more than 66%,
of the aggregate Merger Consideration must be in the form of Mercantile common
stock, and that at least 34% and not more than 50% be in cash. The Merger will
be tax-free to the shareholders of the Company to the extent that they receive
shares of Mercantile in exchange for their Company common stock. Outstanding
options to purchase shares of Company common stock will be "rolled over" into
stock options to purchase Mercantile common stock.

     The Company and Mercantile have made customary representations, warranties
and covenants in the Agreement, including, among others, the Company agrees (i)
not to (A) solicit proposals relating to alternative business combination
transactions or (B) subject to certain exceptions, enter into discussions
concerning or provide confidential information in connection with alternative
business combination transactions, (ii) to cause a meeting of shareholders to be
held to consider approval of the Merger, and (iii) subject to certain
exceptions, for the Company's board of directors to recommend that the Company's
shareholders adopt and approve the Merger and the Agreement.

     Consummation of the Merger is subject to various customary conditions which
include: the approval by the Company's shareholders; no legal impediment to the
Merger; the receipt of required regulatory approvals, including the expiration
or termination of the waiting period under, the Bank Holding Company Act of
1956, the Bank Merger Act, and any other applicable law. The Merger Agreement
contains certain termination rights for both the Company and Mercantile, and
further provides that, upon termination of the Agreement under specified
circumstances, the Company may be required to pay Mercantile a termination fee
of up to $5,000,000.

     A copy of the Agreement is attached as Exhibit 2.1 and is incorporated
herein by reference. The foregoing description of the Agreement is qualified in
its entirety by reference to the full text of the Merger Agreement.

     The directors and executive officers of the Company, in their capacities as
shareholders of the Company, entered into a Voting Agreement with Mercantile
with respect to the shares of Company common stock which they can vote. The
Voting Agreements require, among other things, that such persons vote for
approval of the Merger and the Agreement. Such shareholders collectively own
approximately 21.7% of the outstanding shares of Company common stock, excluding
shares which they may purchase upon the exercise of options. The form of Voting
Agreement is attached as Exhibit 99.2 and is incorporated herein by reference.
The foregoing description of the Voting Agreement is qualified in its entirety
by reference to the full text of the Voting Agreement.


                                       2
<PAGE>


Item 9.01  Financial Statements and Exhibits

(a)  Financial Statements of Business Acquired.  Not applicable.

(b) Pro Forma Financial Information. Not applicable.

(c) Shell Company Transactions. Not applicable.

(d) Exhibits.

         2.1      Agreement and Plan of Merger, dated as of March 27, 2006,
                  between Mercantile Bankshares Corporation and James Monroe
                  Bancorp, Inc.
         99.1     Joint Press release dated March 27, 2006
         99.2     Form of Voting Agreement





                                       3
<PAGE>


                                   Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                JAMES MONROE BANCORP, INC.

                                By: /s/ Richard I. Linhart
                                    ----------------------------------------
                                    Richard I Linhart, Executive Vice President,
                                    Chief Operating Officer

Dated: March 27, 2006




                                       4
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SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2006

                           James Monroe Bancorp, Inc.
             (Exact name of registrant as specified in its charter)
Virginia                               000-32641                    54-1941875
  (State or other jurisdiction of incorporation)      Commission File Number          (I.R.S. Employer
                                                                                     Identification No.)

    3033 Wilson Boulevard, Arlington, Virginia                                              22201
     (Address of principal executive offices)                                            (Zip Code)
Registrant's telephone number, including area code: 703.524.8100

         Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2. below):

         |X|    Written communications pursuant to Rule 425 under the Securities
                Act (17 CFR 230.425)

         |_|    Soliciting material pursuant to Rule 14a-12 under the Exchange
                Act (17 CFR 240.14a-12)

         |_|    Pre-commencement communications pursuant to Rule 14d-2(b) under
                the Exchange Act (17 CFR 240.14d-2(b))

         |_|    Pre-commencement communications pursuant to Rule 13e-4(c) under
                the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry Into a Material Definitive Agreement

     On March 27, 2006 James Monroe Bancorp, Inc., Arlington, Virginia (the
"Company") entered into entered into an Agreement and Plan of Merger (the
"Agreement") with Mercantile Bankshares Corporation, Baltimore, Maryland
("Mercantile"), pursuant to which the Company will be merged into Mercantile,
with Mercantile surviving (the "Merger"). The Agreement contemplates that James
Monroe Bank, the Company's wholly owned subsidiary (the "Bank"), will be merged
into Mercantile Safe Deposit & Trust Company, Mercantile's largest subsidiary
bank.

     In connection with the execution of the Merger Agreement, (i) the directors
and executive officers of the Company entered into a Voting Agreement with
Mercantile (the "Voting Agreement"); (ii) John Maxwell, President and CEO of the
Company and three senior officers of James Monroe Bank, the Company's subsidiary
bank, each entered into employment agreements with Mercantile, to be effective
upon the effectiveness of the merger; and (iii) Richard Linhart, Chief Operating
Officer of the Company, entered into a consulting Agreement, to be effective
upon the effectiveness of the merger.

     At the effective time, and as a result of the Merger, each outstanding
share of the Company's common stock will be converted into the right to receive
either (i) $23.50 in cash without interest (the "Cash Election Price"), or (ii)
0.6033 shares of Mercantile's common stock (the "Exchange Ratio", and together
with the Cash Election Price, the "Merger Consideration"). Each Company
shareholder will be entitled to elect the number of shares to be exchanged for
the Cash Election Price or to make no election, in which case their shares will
be converted into Mercantile shares at the Exchange Ratio, in each case subject
to proration. The Agreement provides that at least 50%, and not more than 66%,
of the aggregate Merger Consideration must be in the form of Mercantile common
stock, and that at least 34% and not more than 50% be in cash. The Merger will
be tax-free to the shareholders of the Company to the extent that they receive
shares of Mercantile in exchange for their Company common stock. Outstanding
options to purchase shares of Company common stock will be "rolled over" into
stock options to purchase Mercantile common stock.

     The Company and Mercantile have made customary representations, warranties
and covenants in the Agreement, including, among others, the Company agrees (i)
not to (A) solicit proposals relating to alternative business combination
transactions or (B) subject to certain exceptions, enter into discussions
concerning or provide confidential information in connection with alternative
business combination transactions, (ii) to cause a meeting of shareholders to be
held to consider approval of the Merger, and (iii) subject to certain
exceptions, for the Company's board of directors to recommend that the Company's
shareholders adopt and approve the Merger and the Agreement.

     Consummation of the Merger is subject to various customary conditions which
include: the approval by the Company's shareholders; no legal impediment to the
Merger; the receipt of required regulatory approvals, including the expiration
or termination of the waiting period under, the Bank Holding Company Act of
1956, the Bank Merger Act, and any other applicable law. The Merger Agreement
contains certain termination rights for both the Company and Mercantile, and
further provides that, upon termination of the Agreement under specified
circumstances, the Company may be required to pay Mercantile a termination fee
of up to $5,000,000.

     A copy of the Agreement is attached as Exhibit 2.1 and is incorporated
herein by reference. The foregoing description of the Agreement is qualified in
its entirety by reference to the full text of the Merger Agreement.

     The directors and executive officers of the Company, in their capacities as
shareholders of the Company, entered into a Voting Agreement with Mercantile
with respect to the shares of Company common stock which they can vote. The
Voting Agreements require, among other things, that such persons vote for
approval of the Merger and the Agreement. Such shareholders collectively own
approximately 21.7% of the outstanding shares of Company common stock, excluding
shares which they may purchase upon the exercise of options. The form of Voting
Agreement is attached as Exhibit 99.2 and is incorporated herein by reference.
The foregoing description of the Voting Agreement is qualified in its entirety
by reference to the full text of the Voting Agreement.

                                       2
Item 9.01  Financial Statements and Exhibits

(a)  Financial Statements of Business Acquired.  Not applicable.

(b) Pro Forma Financial Information. Not applicable.

(c) Shell Company Transactions. Not applicable.

(d) Exhibits.

         2.1      Agreement and Plan of Merger, dated as of March 27, 2006,
                  between Mercantile Bankshares Corporation and James Monroe
                  Bancorp, Inc.
         99.1     Joint Press release dated March 27, 2006
         99.2     Form of Voting Agreement

                                       3
Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                JAMES MONROE BANCORP, INC.

                                By: /s/ Richard I. Linhart
                                    ----------------------------------------
                                    Richard I Linhart, Executive Vice President,
                                    Chief Operating Officer

Dated: March 27, 2006

                                       4