Securities and Exchange Commission and Federal Reserve Board Have Granted Final Approval for Settlements with Eagle Bancorp, Inc. and EagleBank, Respectively

Rhea-AI Summary

Eagle Bancorp, based in Bethesda, Maryland, has received final approval from the SEC and Federal Reserve Board for the settlement of charges concerning the identification and disclosure of related party transactions. This resolution allows the bank to move forward, focusing on its operations without the burden of legacy issues. CEO Susan Riel expressed satisfaction with the outcome, emphasizing the bank's commitment to serving its clients and community, and highlighted its status as one of the most profitable community banks in the Washington, D.C. area.

Positive

• Final approval from SEC and FRB for settlement enhances operational focus.
• CEO's statement underlines commitment to profitability and community relationships.

Negative

• None.

BETHESDA, Md., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Eagle Bancorp, Inc., holding company for EagleBank, one of the largest community banks in the Washington, D.C. area, today announced the Securities and Exchange Commission (SEC) and Federal Reserve Board (FRB) have granted final approval for the settlement of charges relating to the Company’s identification, classification and disclosure of related party transactions; and the relationship of the Company and certain of its former officers and directors with a local public officials.  

“We are pleased that the SEC and FRB have approved the settlements and we can now put these legacy matters behind us and continue our focus on running one of the most profitable community banks in the Washington, DC region,” said Susan Riel, Chief Executive Officer at EagleBank. “I would like to thank the entire EagleBank team for their unwavering support and dedication in continuing our mission of being a leading community bank in the region by doing what we do best, supporting our clients, our community, our employees, and our shareholders and putting Relationships First in all that we do.”

Additional details can be found on the SEC and FRB websites.

About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 20 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

EagleBank Contact
Vikki Kayne, Chief Marketing Officer
301.986.1800   

 

FAQ

What recent approval did Eagle Bancorp receive?

Eagle Bancorp received final approval from the SEC and Federal Reserve Board for the settlement of charges related to related party transactions.

How has the SEC and FRB approval affected Eagle Bancorp?

The approval allows Eagle Bancorp to resolve legacy matters, enabling the company to concentrate on its core banking operations.

Who is the CEO of Eagle Bancorp?

The CEO of Eagle Bancorp is Susan Riel.

What area does EagleBank serve?

EagleBank serves the Washington, D.C. area with a focus on community banking.

What is the significance of the settlement for EGBN investors?

The settlement resolution is expected to improve investor confidence by allowing the company to move past regulatory issues.