Eagle Financial Bancorp, Inc. Announces Change of Bank’s Name

Rhea-AI Summary

Eagle Financial Bancorp (OTCQB:EFBI) has received regulatory approval to rename its bank from Eagle Savings Bank to EAGLE.bank. This transition is set for Q2 2021, aligning with plans to register as a bank holding company with the Federal Reserve Bank of Cincinnati. The new name aims to enhance cybersecurity, utilizing a .BANK domain which offers protection against fraud. As of December 31, 2020, the company reported total assets of $160.4 million and total deposits of $128.4 million. EAGLE.bank has a strong presence in Hamilton County, ranking as a significant mortgage lender.

Positive

• Regulatory approval for name change to EAGLE.bank enhances brand identity.
• Planned registration as a bank holding company could facilitate future growth.
• Investment in advanced technology aims to improve cybersecurity and customer experience.
• Maintains strong financial metrics with total assets of $160.4 million and deposits of $128.4 million.

Negative

• Dependence on regulatory approval for strategic initiatives could pose risks.
• Potential fluctuations in economic conditions may affect overall performance.

Eagle Financial Bancorp, Inc. (the “Company”) (OTCQB:EFBI), the holding company for Eagle Savings Bank, today announced that its Board of Directors has received regulatory approval to change the Bank’s legal name from Eagle Savings Bank to EAGLE.bank. Later this year, the Company plans to register as a bank holding company with the Federal Reserve Bank of Cincinnati in connection with EAGLE.bank’s acceptance of the universal bank charter as provided for under Ohio law.

Gary Koester, President and Chief Executive Officer of the Company stated “We are excited to announce that during the second quarter of 2021 we will transition over to EAGLE.bank from our eaglesavings.com domain to provide an even more secure banking experience. To maintain our technological leadership among community banks and to meet the challenges of the future, EAGLE.bank will continue to invest heavily in state-of-the-art technology. Changing our domain name is another step toward ensuring our customer’s security. The .BANK domain is an industry-led cybersecurity initiative providing banks and our customers with protection against fraud and preparing our platforms for the digital movement. Only a bank can register for a .BANK domain. This change will help to prevent phishing attacks against our employees, customers and vendors by providing a visual identification cue for our emails and website. Therefore, all future communications from us will use EAGLE.bank. In the meantime, website redirection and email forwarding will remain in place for the foreseeable future.”

About EAGLE.bank

EAGLE.bank, an Ohio chartered bank headquartered in Cincinnati, was originally chartered in 1882. At December 31, 2020 Eagle Financial Bancorp, Inc., our holding company, had $160.4 million of total assets, $128.4 million of total deposits and $29.0 million of total stockholders’ equity We provide financial services primarily to individuals, families, and businesses through our Bridgetown, Delhi and Hyde Park branches located in Hamilton County. On average, Eagle has been the 13th largest mortgage lender in Hamilton County over the last 5 years and is a full service commercial banking institution.

Forward-looking statements

This news release may contain certain forward-looking statements, such as statements of the Company’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “believe,” “will,” “intends,” “will be” or “would.” These statements are subject to change based on various important factors (some of which are beyond the Company’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company to effectively manage its growth, the results of regulatory examinations, and the effect of the Coronavirus Disease 2019 (COVID-19) pandemic on our Company, the communities where we have our branches, the state of Ohio and the United States, including its effect on the economy and overall financial stability. The effects of the COVID-19 pandemic may also exacerbate the effects of the other factors listed herein. The foregoing list of important factors is not exclusive.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210205005031/en/

FAQ

What is the significance of Eagle Financial Bancorp changing its name to EAGLE.bank?

The name change to EAGLE.bank enhances cybersecurity and aligns with new regulatory requirements, ensuring better protection against fraud.

When will Eagle Financial Bancorp transition to EAGLE.bank?

The transition to EAGLE.bank is scheduled for the second quarter of 2021.

What are the financial metrics of Eagle Financial Bancorp?

As of December 31, 2020, Eagle Financial Bancorp reported total assets of $160.4 million and total deposits of $128.4 million.

How does the .BANK domain benefit Eagle Financial Bancorp?

The .BANK domain enhances security, providing a visual cue to customers and protecting against phishing attacks.

What are the future plans for Eagle Financial Bancorp post name change?

The company plans to register as a bank holding company with the Federal Reserve Bank of Cincinnati.