Eagle Bancorp Receives Preliminary Approval Under Treasury Capital Purchase Program
21 November 2008 - 11:54PM
PR Newswire (US)
BETHESDA, Md., Nov. 21 /PRNewswire-FirstCall/ -- Eagle Bancorp,
Inc. (the "Company") (NASDAQ:EGBN), the parent company of
EagleBank, today announced that it has received preliminary
approval of its application to participate in the Capital Purchase
Program established by the United States Department of the Treasury
under the Emergency Economic Stabilization Act. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050927/EAGLEBANKLOGO ) Under
the program, the Company will be able to issue up to $38,235,000 of
preferred stock and warrants to purchase approximately $5,735,250
of Company common stock to the Treasury. The non-voting senior
preferred shares to be issued to the Treasury will pay a dividend
of 5% annually for the first five years after issuance and 9%
annually after the fifth year, if they are not redeemed.
Participation in the program is subject to the Treasury
Department's standard terms and conditions, and the sale of
preferred shares and warrants is subject to the completion and
review of necessary documentation. Although the Company currently
intends to participate in the program, it will continue to monitor
and evaluate any additional governmental requirements that may
diminish the value of, or unduly burden, participation in the
program. The Company is the holding company for EagleBank which
commenced operations in 1998. The Bank is headquartered in
Bethesda, Maryland, and conducts full service commercial banking
services through fifteen offices, located in Montgomery County,
Maryland, Washington, D.C. and Fairfax County, Virginia. The
Company focuses on building relationships with businesses,
professionals and individuals in its marketplace. Forward looking
Statements: This press release contains forward looking statements
within the meaning of the Securities and Exchange Act of 1934, as
amended, including statements of goals, intentions, and
expectations as to future trends, plans, events or results of
Company operations and policies and regarding general economic
conditions. In some cases, forward-looking statements can be
identified by use of words such as "may," "will," "anticipates,"
"believes," "expects," "plans," "estimates," "potential,"
"continue," "should," and similar words or phrases. These
statements are based upon current and anticipated economic
conditions, nationally and in the Company's market, interest rates
and interest rate policy, competitive factors the Company's ability
to successfully integrate the operations of Fidelity & Trust
and other conditions which by their nature, are not susceptible to
accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this
discussion and the forward- looking statements are based, actual
future operations and results in the future may differ materially
from those indicated herein. Readers are cautioned against placing
undue reliance on any such forward-looking statements. The
Company's past results are not necessarily indicative of future
performance. CONTACT: Ronald D. Paul 301.986.1800
http://www.newscom.com/cgi-bin/prnh/20050927/EAGLEBANKLOGO
http://photoarchive.ap.org/ DATASOURCE: Eagle Bancorp, Inc.
CONTACT: Ronald D. Paul of Eagle Bancorp, Inc., +1-301-986-1800 Web
site: http://www.eaglebankmd.com/
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