EagleBank

Last updated
Eagle Bancorp, Inc.
Company type Public
Nasdaq:  EGBN
S&P 600 component
Russell 2000 Index component
Industry Financial services
FoundedJuly 20, 1998;27 years ago (1998-07-20)
FounderRonald D. Paul
Headquarters Bethesda, Maryland
Number of locations
12 branches and 4 lending offices
Key people
Susan G. Riel (chair, president, & CEO)
Eric R. Newell (CFO)
Products Banking
RevenueDecrease2.svg US$309 million (2024)
Decrease2.svg US$(47 million) (2024)
Total assets Decrease2.svg US$11.1 billion (2024)
Total equity Decrease2.svg US$1.226 billion (2024)
Number of employees
454 (2024)
Capital ratio 15.86% (2024) Total Capital Ratio
Website eaglebankcorp.com
Footnotes /references
[1]

EagleBank is a community bank headquartered in Bethesda, Maryland with operations in the Washington, D.C. metropolitan area including 12 branches and four lending offices in Montgomery and Prince George's Counties, Maryland; Washington, D.C.; and Northern Virginia. The bank has an above average exposure to commercial real estate, with 83% of all loans secured by commercial real estate. [1] The bank owns the naming rights to the EagleBank Arena.

Contents

History

The bank was founded in 1998 under the holding company Eagle Bancorp Inc, which was established in 1997 [2] by Ronald D. Paul. [3] Eagle Bancorp, Inc., was incorporated as a bank holding company in Maryland on October 28, 1997. [1] On June 9, 1998, the company became a public company via an initial public offering. [4] [5] On July 20, 1998, EagleBank opened its first office in Rockville, Maryland. In the coming years, the bank opened several branches in the Washington, D.C. area.

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. [6] [7] 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 to the US Treasury by EagleBank in 2015 after a stock sale. [8]

In 2013, EagleBank teamed with Graystone Consulting to provide wealth management services. [9]

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. [10] [11] [12]

During the COVID-19 pandemic, the bank was a lender in the Paycheck Protection Program. [13] [14] [15]

Notable Acquisitions

In September 2008, EagleBank bought Fidelity and Trust Bank in a $13.1 million transaction. [16] 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. [17] In November 2014, EagleBank acquired Virginia Heritage Bank for $183 million. [18] [19]

Sponsorships

The bank owned the naming rights to the 2008 EagleBank Bowl and the 2009 EagleBank Bowl, later called the Military Bowl, a college football bowl game. [20]

The Bank purchased the naming rights to the EagleBank Arena in May 2015 in a partnership deal with George Mason University. [21] [22] [23]

EagleBank and D.C. United entered into a five-year partnership in 2018 which ended in 2024. During this time period, EagleBank became the official bank of D.C. United and the EagleBank Club at Audi Field [24] was created.

The EagleBank Foundation was founded in 2005. Its mission is to serve as a catalyst for positive change in its community through financial support and other resources to 501(c)(3) organizations in the Washington Metropolitan Area that provide underserved individuals who are in need of medical or social services to treat breast cancer, other types of cancer, or other medical or social needs. The Foundation’s annual Golf Classic has raised over $6.5 million for Cancer Research -- enabling local hospitals and other cancer-focused organizations in the community to continue ongoing research and provide support services — all dedicated to putting an end to cancer. [25]

Controversies

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. [26]

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 Council of the District of Columbia member Jack Evans. It had previously been disclosed that Ron Paul had received a subpoena related to his relationship with Evans. [27] [28]

In 2022, the company was ordered to pay $22.9M to the Securities and Exchange Commission (SEC) and the Federal Reserve to settle claims the bank's former CEO had engaged in insider lending. Former EagleBank CEO Ron Paul has been banned permanently from working in the banking industry and he was fined about $521,000. The 2022 settlement ended a 3-year probe by regulators into alleged third-party lending and improper disclosures by EagleBank. [29]

Awards and recognition

In 2020, the bank ranked second on the Women on Public Company Boards in Greater D.C. list by American City Business Journals. [30]

In 2025, the bank ranked in the top 25 public companies in the DC area with most women directors on their boards. [31]

For the past four years, EagleBank has ranked near the top of Washington Business Journal’s list of Top Corporate Philanthropists for DC area’s midsize companies for both for giving and volunteer hours.  The Bank is grateful to deliver this financial support to our community and are very proud of our dedicated employees for their commitment to making a difference. [32]

References

  1. 1 2 3 "Eagle Bancorp, Inc. 2022 Form 10-Q Quarterly Report". U.S. Securities and Exchange Commission.
  2. ↑ "Business Notes: EagleBank Merges Leadership with Eagle Bancorp Inc". 9 July 2019.
  3. ↑ "Ronald D. Paul". American Banker .
  4. ↑ "EagleBank". Daily Record . 21 November 2019.
  5. ↑ "EAGLE BANCORP INC (EGBN) IPO". Nasdaq.
  6. ↑ Crittenden, Michael R. (January 3, 2009). "The Bailout Bowl: Big-Game Sponsors Scored Billions" . The Wall Street Journal .
  7. ↑ Whoriskey, Peter; Goldfarb, Zachary A. (October 22, 2008). "Banks Weighing Other Uses for Bailout Money". The Washington Post .
  8. ↑ Bhattarai, Abha (March 3, 2015). "Eagle Bancorp to sell shares to pay back government program". The Washington Post .
  9. ↑ Bhattarai, Abha (November 3, 2013). "Community banks respond to rising demand for wealth management services". The Washington Post .
  10. ↑ Medici, Andy (March 21, 2019). "EagleBank founder and CEO Ron Paul retires" . American City Business Journals .
  11. ↑ "EagleBank Elevates Riel to President, CEO". 6 May 2019.
  12. ↑ "Reputation rehab job one for Eagle Bancorp's new chief". December 30, 2019.
  13. ↑ Medici, Andy (October 23, 2020). "EagleBank sees record profits amid Covid recovery, strong mortgage market". Washington Business Journal.
  14. ↑ "Washington D.C.'s 25 Most Powerful Real Estate Players in 2019". 16 June 2020.
  15. ↑ "As winter approaches, banks brace for defaults on restaurant loans". October 30, 2020.
  16. ↑ Switzky, Bryant Ruiz (September 2, 2008). "EagleBank, Fidelity & Trust merger valued at $13.1M". American City Business Journals .
  17. ↑ Bhattarai, Abha (December 30, 2012). "WashingtonFirst Bank buys Alliance Bank, is listed on NASDAQ". The Washington Post .
  18. ↑ "Eagle Bancorp Completes Merger With Virginia Heritage Bank" (Press release). Globe Newswire. November 3, 2014.
  19. ↑ Bhattarai, Abha (June 10, 2014). "Eagle Bancorp buys Virginia Heritage for $183 million". The Washington Post .
  20. ↑ "D.C's EagleBank Bowl Granted Four-Year Extension". Military Bowl . April 29, 2010.
  21. ↑ Heath, Thomas (May 6, 2015). "Patriot Center to become EagleBank Arena" . The Washington Post .
  22. ↑ "George Mason Univ. sells naming rights to Patriot Center". NBC . May 7, 2015.
  23. ↑ "George Mason, EagleBank Announce Multimillion-Dollar Education Partnership" (Press release). George Mason Patriots. May 7, 2015.
  24. ↑ "D.C. United and EagleBank announce multi-year partnership at Audi Field | DC United".
  25. ↑ EagleBank. "Community." 2025. EagleBank's Community Enriching Lives and Helping Others
  26. ↑ Neibauer, Michael (December 28, 2011). "A friendly connection: D.C. banking bill came from EagleBank". American City Business Journals .
  27. ↑ Medici, Andy (July 18, 2019). "EagleBank discloses ongoing government investigations as legal spending jumps". American City Business Journals .
  28. ↑ Jamison, Peter (March 8, 2019). "D.C. Council, Bowser administration receive federal subpoenas in Jack Evans ethics probe".
  29. ↑ "SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending". Banking Dive. Retrieved 2022-11-19.
  30. ↑ Proctor, Carolyn M. (February 28, 2020). "Women on Public Company Boards in Greater D.C." . American City Business Journals .
  31. ↑ Carolyn Proctor, "Public Companies in the DC Area with teh most Women on their Boards", WBJ, 03/07/2025, 99 D.C.-area public company boards ranked by percentage of women, 2025 - Washington Business Journal
  32. ↑ Proctor, Carolyn (March 7, 2025). "Public Companies in the DC area with most women on their boards". www.bizjournals.com. Retrieved 2025-08-11.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.