Eagle Bancorp, Inc. Completes $35 Million at the Market Offering and Raises an Additional $10 Million in Underwritten Offering
29 Oktober 2012 - 10:00AM
Eagle Bancorp, Inc. (Nasdaq:EGBN) (the "Company"), the parent
company of EagleBank, Bethesda, Maryland (the "Bank"), announced
today that it has completed the sale of shares of its common stock
under its "at the market" equity offering program announced on May
1, 2012. The Company sold an aggregate of 2,052,074 shares of
common stock in open market trading under the program, at an
average weighted price of $17.0559 per share, for aggregate gross
proceeds of approximately $35.0 million, and net proceeds of
approximately $33.8 million, after commissions. Sandler O'Neill +
Partners, L.P. served as sales agent for the at-the-market offering
program.
Eagle Bancorp also announced today that it has priced an
offering of 552,012 shares of common stock under the Company's
previously filed shelf registration statement, at a price of $18.25
per share. At closing, the Company expects to net proceeds of
approximately $9.7 million after underwriting discounts and
expenses. The closing of the offering is expected to occur on or
about October 31, 2012, subject to customary closing conditions.
Sandler O'Neill + Partners, L.P. is the sole underwriter for the
offering. The shares of common stock are being sold pursuant
to the Company's existing shelf registration statement on file with
the Securities and Exchange Commission (the "SEC") (Registration
No. 333-183054).
"We are very pleased to report that we have successfully
completed the sale of $35 million of common stock under the 'at the
market' offering and had the opportunity to sell an additional $10
million in the underwritten offering," stated Ronald D. Paul,
Chairman and CEO. "We are very satisfied by these events in that
they improve the financial strength of the Company. While the
capital position of EagleBank was already very strong, the Company
is pleased to complete these transactions in a favorable market,
and that the issuances are accretive as compared to the tangible
book value per share of $11.97 as of September 30, 2012."
The Company intends to use the proceeds from the offering for
contribution of capital to its subsidiaries, including the Bank, to
support organic growth and for general corporate purposes.
This press release is for informational purposes only and is not
an offer to sell or the solicitation of an offer to sell any
security of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of any security in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The Company has
filed a registration statement with the SEC for the offering to
which this communication relates. The sale of shares in the
underwritten offering will be made pursuant to a prospectus
supplement to the base prospectus dated October 5, 2012, filed with
the SEC. Before you invest, you should read the prospectus in
the registration statement, the preliminary prospectus supplement,
and other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may
get these documents for free by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, copies of the prospectus supplement
and the prospectus relating to the offering may be obtained by
contacting Sandler O'Neill + Partners, L.P., 1251 Avenue of the
Americas, 6th Floor, New York, New York 10020, (866) 805-4128.
About Eagle Bancorp: 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 through seventeen offices, located in Montgomery
County, Maryland, Washington, D.C., Arlington County, Virginia, and
Fairfax County, Virginia. The Company focuses on building
relationships with businesses, professionals and individuals in its
marketplace.
The Eagle Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6101
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. Examples of forward-looking statements include, but are
not limited to, expectations as to the sale of securities and the
use of proceeds of the at the market offering. 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. For
details on factors that could affect these expectations, see the
risk factors and other cautionary language included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2011 and in other periodic and current reports filed with the
SEC. 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: EAGLE BANCORP, INC.
Michael T. Flynn
301.986.1800
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