Eagle Bancorp, Inc. Announces Completion of Subordinated Notes Offering
26 Juli 2016 - 7:55PM
Eagle Bancorp, Inc. (NASDAQ:EGBN) (the “Company”), the parent
company of EagleBank, Bethesda, Maryland, today announced that it
had completed the public offering and sale of $150 million of its
5.00% Fixed-to-Floating Rate Subordinated Notes due August 1, 2026
(the “Notes”). The Notes were sold at par, resulting in net
proceeds, after underwriting discounts and commissions, of
approximately $147.75 million.
The Company plans to use the net proceeds of the
offering for general corporate purposes, including but not limited
to contribution of capital to its subsidiaries, including
EagleBank, to support continued growth.
Sandler O’Neill + Partners, L.P. acted as
book-running manager for the offering and Keefe, Bruyette &
Woods, A Stifel Company was the co-manager.
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 securities are
neither insured nor approved by the Federal Deposit Insurance
Corporation.
About Eagle Bancorp: The
Company is the holding company for the Bank which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and conducts full service commercial banking through
twenty offices, located in Montgomery County, Maryland, Washington,
D.C., and Northern 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 Eagle’s operations and policies
and regarding general economic conditions. These forward-looking
statements include, but are not limited to, statements about
Eagle’s plans, obligations, expectations and intentions. 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 the
beliefs of the management of Eagle as to the expected outcome of
future events, current and anticipated economic conditions,
nationally and in its market, and their impact on the operations
and assets of Eagle, 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. 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, 2015 and in other periodic and current
reports filed with the SEC. 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 such
forward-looking statements. Past results are not necessarily
indicative of future performance. Eagle assumes no obligation
to revise, update, or clarify forward-looking statements to reflect
events or conditions after the date of this release.
EAGLE BANCORP, INC.
CONTACT:
Michael T. Flynn
301.986.1800
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