EagleBank

The bank was founded in 1998 under the holding company Eagle Bancorp Inc, which was established in 1997{{Cite web|url=https://bethesdamagazine.com/bethesda-beat/business/business-notes-eaglebank-merges-leadership-with-eagle-bancorp-inc/|title = Business Notes: EagleBank Merges Leadership with Eagle Bancorp Inc|date = 9 July 2019}} by Ronald D. Paul, a longtime banking executive.{{cite web |title=Ronald D. Paul |url=https://www.americanbanker.com/author/ronald-d-paul | work=American Banker}} Eagle Bancorp, Inc., was incorporated as a bank holding company in Maryland on October 28, 1997. On June 9, 1998, the company became a public company via an initial public offering.{{Cite web |url=https://thedailyrecord.com/2019/11/21/eaglebank/ |title=EagleBank | work=Daily Record | date=21 November 2019}}{{cite web|title=EAGLE BANCORP INC (EGBN) IPO|url=https://www.nasdaq.com/market-activity/ipos/overview?dealId=11021-9757|publisher=Nasdaq}} 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.{{cite news |last=Crittenden |first=Michael R. |date=January 3, 2009|title=The Bailout Bowl: Big-Game Sponsors Scored Billions|work=The Wall Street Journal|url=https://www.wsj.com/articles/SB123094249710750433|url-access=subscription}}{{cite news | last1=Whoriskey |first1=Peter |last2=Goldfarb |first2=Zachary A. | title=Banks Weighing Other Uses for Bailout Money |newspaper=The Washington Post | url=https://www.washingtonpost.com/wp-dyn/content/article/2008/10/21/AR2008102102520.html |date=October 22, 2008}} 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.{{cite news |last=Bhattarai |first=Abha |date=March 3, 2015 |title=Eagle Bancorp to sell shares to pay back government program |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/capitalbusiness/eagle-bancorp-to-sell-shares-to-pay-back-government-program/2015/03/03/df9f31d8-c1c4-11e4-9ec2-b418f57a4a99_story.html}}

In 2013, EagleBank teamed with Graystone Consulting to provide wealth management services.{{cite news |last=Bhattarai |first=Abha |date=November 3, 2013 |title=Community banks respond to rising demand for wealth management services |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/capitalbusiness/community-banks-respond-to-rising-demand-for-wealth-management-services/2013/11/01/c88e096c-4239-11e3-8b74-d89d714ca4dd_story.html}}

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.{{cite news |last=Medici |first=Andy |title=EagleBank founder and CEO Ron Paul retires| work=American City Business Journals |url=https://www.bizjournals.com/washington/news/2019/03/21/eaglebank-founder-and-ceo-ron-paul-retires.html| date=March 21, 2019 | url-access=subscription}}{{Cite web|url=https://bethesdamagazine.com/bethesda-beat/eaglebank-elevates-riel-to-president-ceo/|title=EagleBank Elevates Riel to President, CEO|date=6 May 2019}}{{Cite news |url=https://www.americanbanker.com/news/reputation-rehab-job-one-for-eagle-bancorps-new-chief | title=Reputation rehab job one for Eagle Bancorp's new chief |date=December 30, 2019}}

During the COVID-19 pandemic, the bank was a lender in the Paycheck Protection Program.{{cite news |last=Medici |first=Andy |date=October 23, 2020 |url=https://www.bizjournals.com/washington/news/2020/10/23/eaglebank-covid-mortgage-economy.html |title=EagleBank sees record profits amid Covid recovery, strong mortgage market |work=Washington Business Journal}}{{Cite web|url=https://commercialobserver.com/2020/06/washington-d-c-s-25-most-powerful-people-real-estate-players-in-2020/#slide0|title = Washington D.C.'s 25 Most Powerful Real Estate Players in 2019 |date=16 June 2020}}{{Cite web |url=https://www.americanbanker.com/news/as-winter-approaches-banks-brace-for-defaults-on-restaurant-loans |title=As winter approaches, banks brace for defaults on restaurant loans | date=October 30, 2020}}

In September 2008, EagleBank bought Fidelity and Trust Bank in a $13.1 million transaction.{{cite news|last=Switzky |first=Bryant Ruiz |date=September 2, 2008 |title=EagleBank, Fidelity & Trust merger valued at $13.1M| work=American City Business Journals |url=https://www.bizjournals.com/washington/stories/2008/09/01/daily1.html}}

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.{{cite news| last=Bhattarai |first=Abha| date=December 30, 2012 |title=WashingtonFirst Bank buys Alliance Bank, is listed on NASDAQ |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/capitalbusiness/washingtonfirst-bank-buys-alliance-bank-is-listed-on-nasdaq/2012/12/28/8bb8ea1a-4f83-11e2-8b49-64675006147f_story.html}}

In November 2014, EagleBank acquired Virginia Heritage Bank for $183 million.{{cite press release |url=https://globenewswire.com/news-release/2014/11/03/678965/10105796/en/Eagle-Bancorp-Completes-Merger-With-Virginia-Heritage-Bank.html |title=Eagle Bancorp Completes Merger With Virginia Heritage Bank |publisher=Globe Newswire |date=November 3, 2014}}{{cite news |last=Bhattarai |first=Abha| date=June 10, 2014|title=Eagle Bancorp buys Virginia Heritage for $183 million |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/capitalbusiness/eagle-bancorp-buys-virginia-heritage-for-1829m/2014/06/10/2029c618-f0ac-11e3-9ebc-2ee6f81ed217_story.html}}

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.{{cite news |date=April 29, 2010| title=D.C's EagleBank Bowl Granted Four-Year Extension| work=Military Bowl |url=https://militarybowl.org/d-cs-eaglebank-bowl-granted-four-year-extension/}}

The Bank purchased the naming rights to the EagleBank Arena in May 2015 in a partnership deal with George Mason University.{{cite news |last=Heath |first=Thomas |date=May 6, 2015 |title=Patriot Center to become EagleBank Arena |newspaper=The Washington Post| url=https://www.washingtonpost.com/business/capitalbusiness/patriot-center-to-become-eaglebank-arena/2015/05/06/2cc11846-f438-11e4-b2f3-af5479e6bbdd_story.html|url-access=subscription}}{{cite news| date=May 7, 2015|title=George Mason Univ. sells naming rights to Patriot Center|work=NBC |url=https://www.nbcwashington.com/news/local/George-Mason-University-Sells-Naming-Rights-to-Patriot-Center-302965661.html}}{{cite press release|title=George Mason, EagleBank Announce Multimillion-Dollar Education Partnership |url=https://gomason.com/news/2015/5/7/210075790.aspx| publisher=George Mason Patriots| date=May 7, 2015}}

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.{{Cite web |url=https://www.dcunited.com/post/2018/03/12/dc-united-and-eaglebank-announce-multi-year-partnership-audi-field |title = D.C. United and EagleBank announce multi-year partnership at Audi Field | DC United}}

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.{{cite news |last=Neibauer|first=Michael|date=December 28, 2011|title=A friendly connection: D.C. banking bill came from EagleBank|work=American City Business Journals |url=https://www.bizjournals.com/washington/blog/2011/12/a-friendly-connection-dc-banking.html}}

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.{{cite news|last=Medici|first=Andy|date=July 18, 2019| title=EagleBank discloses ongoing government investigations as legal spending jumps |work=American City Business Journals |url=https://www.bizjournals.com/washington/news/2019/07/18/eaglebank-discloses-ongoing-government.html}}{{cite news|last=Jamison|first=Peter |date=March 8, 2019 |title=D.C. Council, Bowser administration receive federal subpoenas in Jack Evans ethics probe|url=https://www.washingtonpost.com/local/dc-politics/entire-dc-council-receives-federal-subpoenas-in-jack-evans-ethics-probe/2019/03/08/4dcee280-41c2-11e9-a0d3-1210e58a94cf_story.html}}

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.{{Cite web |title=SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending |url=https://www.bankingdive.com/news/sec-federal-reserve-22m-fine-ex-ceo-ban-insider-lending/629895/ |access-date=2022-11-19 |website=Banking Dive |language=en-US}}

In 2020, the bank ranked second on the Women on Public Company Boards in Greater D.C. list by American City Business Journals.{{Cite news |url=https://www.bizjournals.com/washington/subscriber-only/2020/02/28/women-on-public-company-boards-in.html |title=Women on Public Company Boards in Greater D.C. | first=Carolyn M. | last=Proctor | work=American City Business Journals | date=February 28, 2020 | url-access=subscription}}

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Category:1998 establishments in Maryland

Category:American companies established in 1998

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Category:Companies based in Bethesda, Maryland

Category:Companies listed on the Nasdaq