EagleBank

EagleBank

EagleBank

Community bank headquartered in Bethesda, Maryland, US

Not to be confused with Eagle Bank, a tribally owned bank in Montana; Eagle Bank of Minnesota; Eagle Bank of Massachusetts; Eagle Bank, a branch of Round Top State Bank in Texas; Eagle Bank and Trust Company of Missouri; or Eagle State Bank of Nebraska.

EagleBank is a community bank headquartered in Bethesda, Maryland with operations in the Washington, D.C. metropolitan area including 16 branches and five lending offices in Montgomery County, Maryland; Washington, D.C.; and Northern Virginia. The bank has an above-above average exposure to commercial real estate, with 81% of all loans secured by commercial real estate.[1] The bank owns the naming rights to the EagleBank Arena.

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History

The bank was founded in 1998 under the holding company Eagle Bancorp Inc, which was established in 1997[2] by Ronald D. Paul, a longtime banking executive.[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]

Philanthropy and outreach programs

The bank has undertaken several charitable initiatives such as golf fundraising events to raise funds for breast cancer research,[20][21][22] employment programs for recent graduates,[23] affordable housing initiatives,[24][25] donations during the COVID-19 pandemic,[26] and housing affordability programs for local civil servants.[27][28][29]

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.[30]

The Bank purchased the naming rights to the EagleBank Arena in May 2015 in a partnership deal with George Mason University.[31][32][33]

EagleBank and D.C. United entered into a five-year partnership in 2018 that made EagleBank the official bank of D.C. United and created the EagleBank Club at Audi Field.[34]

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.[35]

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.[36][37]

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.[38]

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.[39]

References

  1. [1]
    "Eagle Bancorp, Inc. 2022 Form 10-Q Quarterly Report". U.S. Securities and Exchange Commission.
  2. [2]
    "Business Notes: EagleBank Merges Leadership with Eagle Bancorp Inc". 9 July 2019.
  3. [3]
    "Ronald D. Paul". American Banker.
  4. [4]
    "EagleBank". Daily Record. 21 November 2019.
  5. [5]
    "EAGLE BANCORP INC (EGBN) IPO". Nasdaq.
  6. [6]
    Crittenden, Michael R. (January 3, 2009). "The Bailout Bowl: Big-Game Sponsors Scored Billions". The Wall Street Journal.
  7. [7]
    Whoriskey, Peter; Goldfarb, Zachary A. (October 22, 2008). "Banks Weighing Other Uses for Bailout Money". The Washington Post.
  8. [8]
    Bhattarai, Abha (March 3, 2015). "Eagle Bancorp to sell shares to pay back government program". The Washington Post.
  9. [9]
    Bhattarai, Abha (November 3, 2013). "Community banks respond to rising demand for wealth management services". The Washington Post.
  10. [10]
    Medici, Andy (March 21, 2019). "EagleBank founder and CEO Ron Paul retires". American City Business Journals.
  11. [11]
    "EagleBank Elevates Riel to President, CEO". 6 May 2019.
  12. [12]
    "Reputation rehab job one for Eagle Bancorp's new chief". December 30, 2019.
  13. [13]
    Medici, Andy (October 23, 2020). "EagleBank sees record profits amid Covid recovery, strong mortgage market". Washington Business Journal.
  14. [14]
    "Washington D.C.'s 25 Most Powerful Real Estate Players in 2019". 16 June 2020.
  15. [15]
    "As winter approaches, banks brace for defaults on restaurant loans". October 30, 2020.
  16. [16]
    Switzky, Bryant Ruiz (September 2, 2008). "EagleBank, Fidelity & Trust merger valued at $13.1M". American City Business Journals.
  17. [17]
    Bhattarai, Abha (December 30, 2012). "WashingtonFirst Bank buys Alliance Bank, is listed on NASDAQ". The Washington Post.
  18. [18]
    "Eagle Bancorp Completes Merger With Virginia Heritage Bank" (Press release). Globe Newswire. November 3, 2014.
  19. [19]
    Bhattarai, Abha (June 10, 2014). "Eagle Bancorp buys Virginia Heritage for $183 million". The Washington Post.
  20. [20]
    Adler, Neil (May 26, 2006). "EagleBank forms foundation to focus on breast cancer". American City Business Journals.
  21. [21]
    "EagleBank Foundation's Fight Against Breast Cancer Raises over $424,000" (Press release). 12 November 2019.
  22. [22]
    "Big business gets generous". The Washington Post. December 21, 2014.
  23. [23]
    "Workplace trends you need to know".
  24. [24]
    "EagleBank Invests $5M in D.C. Affordable Housing Initiative". Observer Media. August 5, 2020.
  25. [25]
    Medici, Andy (July 29, 2020). "EagleBank commits $5M to affordable housing initiative". American City Business Journals.
  26. [26]
    "EAGLE BANK PROVIDES COVID-19 EMERGENCY SERVICES" (Press release). National Utility Contractors Association. May 28, 2020.
  27. [27]
    "Mayor Bowser and EagleBank Announce Mortgage Loan Product to Help District Employees Achieve Homeownership". mayor.dc.gov. June 17, 2019.
  28. [28]
    "Investing in Homes for Hard-Working Washingtonians". Washingtonian. August 17, 2020.
  29. [29]
    "As D.C. Gets Pricier, New Program Offers Teachers Help With Down Payment On Home". WAMU. October 31, 2019.
  30. [30]
    "D.C's EagleBank Bowl Granted Four-Year Extension". Military Bowl. April 29, 2010.
  31. [31]
    Heath, Thomas (May 6, 2015). "Patriot Center to become EagleBank Arena". The Washington Post.
  32. [32]
    "George Mason Univ. sells naming rights to Patriot Center". NBC. May 7, 2015.
  33. [33]
    "George Mason, EagleBank Announce Multimillion-Dollar Education Partnership" (Press release). George Mason Patriots. May 7, 2015.
  34. [34]
    "D.C. United and EagleBank announce multi-year partnership at Audi Field | DC United".
  35. [35]
    Neibauer, Michael (December 28, 2011). "A friendly connection: D.C. banking bill came from EagleBank". American City Business Journals.
  36. [36]
    Medici, Andy (July 18, 2019). "EagleBank discloses ongoing government investigations as legal spending jumps". American City Business Journals.
  37. [37]
    Jamison, Peter (March 8, 2019). "D.C. Council, Bowser administration receive federal subpoenas in Jack Evans ethics probe".
  38. [38]
    "SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending". Banking Dive. Retrieved 2022-11-19.
  39. [39]
    Proctor, Carolyn M. (February 28, 2020). "Women on Public Company Boards in Greater D.C.". American City Business Journals.
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