Eagle Bancorp Announces Agreement to Acquire DC Branch From OBA Bank
27 September 2010 - 6:36PM
Eagle Bancorp, Inc. (the "Company") (Nasdaq:EGBN), the parent
company of EagleBank, today announced that EagleBank, its
wholly-owned bank subsidiary, has entered into a definitive
agreement to assume approximately $17.2 million of the deposits of
OBA Bank's Washington, D.C. branch at 700 7th Street, NW and to
operate a branch office at that location. The transaction, subject
to regulatory approval, is expected to close in the first quarter
of 2011.
Ronald D. Paul, Chairman and CEO of Eagle Bancorp, commented:
"Our Gallery Place branch office will be EagleBank's newest branch
office in the District of Columbia and will provide us an important
presence in the vibrant Penn Quarter neighborhood, directly across
the street from the Verizon Center. Penn Quarter is a mixed
commercial, retail and residential neighborhood that we believe
will be receptive to the banking, insurance and other financial
services that we offer."
Eagle Bancorp is headquartered in Bethesda, Maryland and is the
holding company for EagleBank.
The Eagle Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6101
EagleBank is a $1.9 billion bank which operates thirteen banking
offices – seven in Maryland, five in the District of Columbia and
one in Tysons Corner, Virginia.
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 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.
www.eaglebankcorp.com
CONTACT: Eagle Bancorp, Inc.
Ronald D. Paul
301.986.1800
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