EagleBank

Eagle Bancorp, Inc.
Public
Traded as NASDAQ: EGBN
Industry Banking
Founded July 20, 1998 (1998-07-20)
Headquarters Bethesda, Maryland, U.S.
Number of locations
 30
Key people
 Ronald D. Paul (CEO)
Products Financial Services
Revenue $281,000,000[1] (2015)
$169,000,000[1] (2015)
$84,000,000[1] (2015)
Total assets $6,077,000,000[2] (2015)
Total equity $739,000,000[2] (2015)
Parent Eagle Bancorp, Inc.
Subsidiaries Eagle Insurance Services LLC,
Eagle Commercial Ventures LLC
Website www.eaglebankcorp.com

EagleBank (NASDAQ: EGBN) is a bank in the Washington, D.C. metropolitan area. It may be best known for sponsoring the EagleBank Bowl, a college football bowl game first held in December 2008.[3] The bank is operated by Eagle Bancorp, Inc., which is headquartered in Bethesda, Maryland.[4]

Services

EagleBank provides a full range of commercial banking services to its business and professional clients, as well as complete consumer banking services to individuals living or working in the Washington metropolitan area.

EagleBank accepts a range of deposit products including business and personal checking accounts, negotiable order of withdrawal accounts, savings and money market accounts, time deposits, and individual retirement accounts.

EagleBank's loan portfolio consists of commercial loans for business purposes, including working capital, equipment purchases, lines of credit, and government contract financing; asset based lending and accounts receivable financing; construction and commercial real estate loans; business equipment financing; consumer installment loans, including automobile and personal loans; personal lines of credit; residential mortgage loans; and credit card services.

EagleBank offers various cash management services, such as electronic banking, business sweep accounts, lock box, account reconciliation, credit card depository, safety deposit boxes, automated clearing house origination, after-hours depositories, and ATM services.

Eagle Bancorp primarily serves business and professional clients, such as sole proprietors, small and medium-sized businesses, partnerships, corporations, and nonprofit organizations and associations, as well as individuals.

As of January 1, 2016, EagleBank maintains 30 offices in Montgomery County, Maryland; Washington, D.C.; and Northern Virginia.[5]

Eagle Insurance Services LLC

Eagle Insurance Services LLC, a subsidiary of EagleBank, facilitates the placement of commercial and retail insurance products through a referral arrangement with a premier local insurance agency--a large well-known insurance brokerage within the Bank's market area.

Eagle Commercial Ventures LLC

EagleBank's subsidiary, Eagle Commercial Ventures LLC, provides subordinated financing for the acquisition, development, and construction of real estate projects.

Graystone Consulting

EagleBank has teamed with Graystone Consulting for wealth management.[6]

History

EagleBank was established by Ronald D. Paul, former president of Bethesda-based Allegiance Bank, and a former banker from Central National Bank.[7][8]

Eagle Bancorp, Inc., was incorporated in the state of Maryland on October 28, 1997.[9] The company was established as a bank holding company as defined by the Federal Reserve System.[9] The company closed its initial offering for shares of company stock on June 9, 1998.[9]

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.[9] Branch offices in Bethesda and Silver Spring opened several months afterwards.[9] 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.[9]

New capital 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.[9] EagleBank opened a regional office at McPherson Square in 2005 and a branch office in Chevy Chase in 2006.[9]

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.[10] In 2014, the tenth annual event raised more than $375,000, which will support local hospitals and charities involved in fighting breast cancer.[11]

In April 2008, the National Collegiate Athletic Association approved holding a college football postseason game in the Washington Metropolitan Area.[12] On September 11, 2008, Mayor Adrian Fenty announced the game would be sponsored by EagleBank, named the EagleBank Bowl, and played at Robert F. Kennedy Memorial Stadium.[12] The first game was played on December 20, 2008.[13] The second EagleBank Bowl was played on December 29, 2009.[14] In 2010, the game was renamed the Military Bowl Presented by Northrop Grumman after Northrop Grumman signed a multi-year agreement to be the game's title sponsor; EagleBank remained a principal sponsor.[15]

In September 2008, EagleBank bought Fidelity and Trust Bank,[16][17] resulting in new locations in Bethesda, Silver Spring, Rockville, Georgetown, Downtown Washington, and Tysons Corner, Virginia.[18]

In December 2008, the United States Department of the Treasury purchased $38.2 million of assets from Eagle Bankcorp as part of the Troubled Asset Relief Program.[19] 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 ongoing global financial crisis.[20]

In July 2011, EagleBank announced it would buy Alliance Bank, but the transaction was called off five months later because they could not agree on the terms of the deal.[21]

EagleBank bought Virginia Heritage Bank in 2014.[22]

In 2010, EagleBank received funding so it could lend more to small businesses as part of the United States Department of Treasury's Small Business Lending Fund.[23] EagleBank repaid the $71.9 million it received in 2015.[23]

References

  1. 1 2 3 "EGBN: Income Statement". Fidelity. Retrieved August 10, 2016.
  2. 1 2 "EGBN: Balance Sheet" Fidelity. Retrieved August 10, 2016.
  3. ↑ D.C's EagleBank Bowl Granted Four-Year Extension, EagleBank Bowl, April 29, 2010.
  4. ↑ Eagle Bancorp, Inc., Yahoo! Finance, retrieved August 8, 2010.
  5. ↑ "Locations". EagleBank. Retrieved August 10, 2016.
  6. ↑ Bhattarai, Abha. "Community Banks Respond to Rising Demand for Wealth Management Services". The Washington Post. November 4, 2013.
  7. ↑ "Appointments". The Washington Post. May 30, 1994. p. F12.
  8. ↑ Pae, Peter. "Small Banks Build on Community". The Washington Post. April 20, 1998. p. 15.
  9. 1 2 3 4 5 6 7 8 "The EagleBank Story". EagleBank. 2008. Archived from the original on September 13, 2008.
  10. ↑ "The EagleBank Story". EagleBank. 2009. Archived from the original on February 24, 2009.
  11. ↑ "Charitable Giving". The Washington Post. December 22, 2014. p. A10.
  12. 1 2 Tenorio, Paul. "Rowl Game Brings Football Bank to RFK". The Washington Post. September 11, 2008.
  13. ↑ Powell, Camille. "'More Than a Football Game': Navy Loses Inaugural EagleBank Bowl, The Coach Sends Off Senior Class in Emotional Salute". The Washington Post. December 21, 2008. p. D1.
  14. ↑ Berman, Zach. "UCLA Quiets Temple in EagleBank Bowl: Bruins Rally for 30-21 Win, Bringing a Disappointing End to Owls' Surprising Season". The Washington Post. December 30, 2009. p. D1.
  15. ↑ "D.C. Bowl Game Has a New Name, Sponsor and Charity". The Washington Post. October 27, 2010. p. D3.
  16. ↑ Heath, Thomas. "Two Local Banks Agree to Combine". The Washington Post. December 4, 2007. p. D4.
  17. ↑ Bhattarai, Abha. "Bank Mergers Expected to Pick Up, Analysts Say". The Washington Post. June 16, 2014.
  18. ↑ "The EagleBank Story". EagleBank 2008. Archived from the original on December 25, 2008.
  19. ↑ Crittenden, Michael R. "The Bailout Bowl: Big-Game Sponsors Scored Billions: Financial Firms That Got Government Aid Draw Fire for Spending Millions on Marketing; 'A Fantastic Investment'". The Wall Street Journal. January 3, 2009. p. A2.
  20. ↑ Whoriskey, Peter; Goldfarb, Zachary A. "Banks Weighing Other Uses for Bailout Money; Some May Put It Toward Acquisitions". The Washington Post. October 22, 2008. p. D1.
  21. ↑ Bhattarai, Abha. "WashingtonFirst Completes Alliance Purchase". The Washington Post. December 31, 2012. p. A7.
  22. ↑ Bhattarai, Abha. "Eagle Bank Buys Virginia Heritage for $183 million". The Washington Post. June 11, 2014. p. A12.
  23. 1 2 Bhattarai, Abha. "Eagle Bancorp to Sell Shares to Pay Bank Government Program". The Washington Post. March 3, 2015.

External links

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