EagleBank

Eagle Bancorp, Inc. is a bank headquartered in Bethesda, Maryland, with operations in the Washington, D.C. metropolitan area. EagleBank conducts full service commercial banking through 21 branches in Montgomery County, Maryland; Washington, D.C.; and Northern Virginia.[1]

Eagle Bancorp, Inc.
Public company
Traded asNASDAQ: EGBN
S&P 600 component
Russell 2000 Index component
IndustryFinancial Services
FoundedJuly 20, 1998 (1998-07-20)
FounderRonald D. Paul
HeadquartersBethesda, Maryland
Number of locations
21 branches
Key people
Susan G. Riel, President, & CEO
Charles D. Levingston, CFO
Norm Pozez, Chairman
ProductsBanking
$142 million (2019)
Total assets $8.988 billion (2019)
Total equity $1.190 billion (2019)
OwnerRon Paul (4%)
Number of employees
492 (2019)
Capital ratio10.80% (2018)
Websitewww.eaglebankcorp.com
Footnotes / references
[1]

Operations

As of December 31, 2018, 14% of the loan portfolio was secured by owner-occupied real estate, 61% of the loan portfolio was commercial real estate and real estate under construction, 22% of the loan portfolio was commercial business loans (including 2% of the loan portfolio in Small Business Administration loans), 2% of the loan portfolio was residential mortgage loans, and 1% of the loan portfolio was consumer loans.[1]

History

EagleBank was established by Ronald D. Paul, former president of Bethesda-based Allegiance Bank, and a former banker from Central National Bank.[2] Eagle Bancorp, Inc., was incorporated as a bank holding company in the state of Maryland on October 28, 1997.[1]

On June 9, 1998, the company became a public company via an initial public offering.[3]

On July 20, 1998, EagleBank opened its first office in Rockville, Maryland, after receiving approvals from the State of Maryland and the Federal Reserve System, and acceptance for deposit insurance from the Federal Deposit Insurance Corporation. Branch offices in Bethesda and Silver Spring were opened several months afterwards. The bank opened a second location in Silver Spring in 1999, a location on K Street in Washington, D.C., in 2000, and a location near Shady Grove Adventist Hospital in 2002.

New capital of $30 million was raised with a secondary stock offering in 2003. The new capital funded a new location on Rockville Pike in 2003 and a location near Dupont Circle in 2004. EagleBank opened a regional office at McPherson Square in 2005 and a branch office in Chevy Chase in 2006.

In December 2008, the United States Department of the Treasury purchased $38.2 million of assets from EagleBank as part of the Troubled Asset Relief Program.[4] Chief Executive Officer Ronald Paul said that EagleBank was strong financially, but it was finding it extremely difficult to raise private capital because of the financial crisis of 2007–2008.[5]

In 2010, EagleBank received $71.9 million funding so it could lend more to small businesses as part of the United States Department of Treasury's Small Business Jobs Act of 2010. The funds were repaid by EagleBank in 2015 after a stock sale.[6]

In 2011, the company was reported to be the source of legislation introduced by Council of the District of Columbia member Jack Evans that would require the city's funds to be held at local banks.[7]

In March 2019, EagleBank's founder and CEO, Ron Paul, announced his retirement. Susan G. Riel was appointed CEO and President and Norm Pozez was appointed chairman.[8][9]

On July 18, 2019, the company's stock price fell as much as 25% after it disclosed that it had spent $2.7 million on legal fees related to the relationship between a former director and a local public official. It had previously been disclosed that Ron Paul had received a subpoena related to his relationship with Council of the District of Columbia member Jack Evans.[10][11]

Acquisitions

In September 2008, EagleBank bought Fidelity and Trust Bank in a $13.1 million transaction.[12]

In July 2011, EagleBank announced it would buy Alliance Bank for $31 million, but the transaction was called off five months later because they could not agree on the terms of the deal.[13]

In 2013, EagleBank teamed with Graystone Consulting to provide wealth management services.[14]

In November 2014, EagleBank acquired Virginia Heritage Bank for $183 million.[15][16]

Sponsorships

Eagle Bancorp Foundation was established in 2006. Funded from the proceeds of its golf fundraising event, the foundation supports organizations involved in the fight against breast cancer.[17] In 2014, the tenth annual event raised more than $375,000 to support local hospitals and charities involved in fighting breast cancer.[18]

In 2008 and 2009, the bank sponsored the Military Bowl, originally named the EagleBank Bowl, a college football bowl game first held in December 2008.[19]

The bank owns the naming rights to the EagleBank Arena at George Mason University in Fairfax, Virginia.

On May 7, 2015, the Bank purchased the naming rights to the EagleBank Arena, formerly known as the Patriot Center, following a partnership deal with George Mason University.[20][21][22]

References
  1. "Eagle Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Ronald D. Paul". American Banker.
  3. "EAGLE BANCORP INC (EGBN) IPO". Nasdaq.
  4. Crittenden, Michael R. (January 3, 2009). "The Bailout Bowl: Big-Game Sponsors Scored Billions". The Wall Street Journal.
  5. Whoriskey, Peter; Goldfarb, Zachary A. (October 22, 2008). "Banks Weighing Other Uses for Bailout Money". The Washington Post.
  6. Bhattarai, Abha (March 3, 2015). "Eagle Bancorp to sell shares to pay back government program". The Washington Post.
  7. Neibauer, Michael (December 28, 2011). "A friendly connection: D.C. banking bill came from EagleBank". American City Business Journals.
  8. Medici, Andy (March 21, 2019). "EagleBank founder and CEO Ron Paul retires". American City Business Journals.
  9. "Eagle Bancorp, Inc. Announces Retirement of Ron Paul" (Press release). Globe Newswire. March 21, 2019.
  10. Medici, Andy (July 18, 2019). "EagleBank discloses ongoing government investigations as legal spending jumps". American City Business Journals.
  11. Jamison, Peter (March 8, 2019). "D.C. Council, Bowser administration receive federal subpoenas in Jack Evans ethics probe".
  12. Switzky, Bryant Ruiz (September 2, 2008). "EagleBank, Fidelity & Trust merger valued at $13.1M". American City Business Journals.
  13. Bhattarai, Abha (December 30, 2012). "WashingtonFirst Bank buys Alliance Bank, is listed on NASDAQ". The Washington Post.
  14. Bhattarai, Abha (November 3, 2013). "Community banks respond to rising demand for wealth management services". The Washington Post.
  15. "Eagle Bancorp Completes Merger With Virginia Heritage Bank" (Press release). Globe Newswire. November 3, 2014.
  16. Bhattarai, Abha (June 10, 2014). "Eagle Bancorp buys Virginia Heritage for $183 million". The Washington Post.
  17. Adler, Neil (May 26, 2006). "EagleBank forms foundation to focus on breast cancer". American City Business Journals.
  18. "Big business gets generous". The Washington Post. December 21, 2014.
  19. "D.C's EagleBank Bowl Granted Four-Year Extension". Military Bowl. April 29, 2010.
  20. Heath, Thomas (May 6, 2015). "Patriot Center to become EagleBank Arena". The Washington Post.
  21. "George Mason Univ. sells naming rights to Patriot Center". NBC. May 7, 2015.
  22. "George Mason, EagleBank Announce Multimillion-Dollar Education Partnership" (Press release). George Mason Patriots. May 7, 2015.
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