Eagle Bancorp, Inc. Announces Commencement of Subordinated Notes Offering
29 July 2014 - 8:10PM
Eagle Bancorp, Inc. (Nasdaq:EGBN) (the "Company"), the parent
company of EagleBank, Bethesda, Maryland (the "Bank"), today
announced that it had commenced a public offering of $55,000,000 of
its Subordinated Notes, due September 1, 2024.
The Company plans to use the proceeds of the offering to pay the
cash portion of the merger consideration in its previously
announced acquisition of Virginia Heritage Bank, and for general
corporate purposes, including but not limited to contribution of
capital to its subsidiaries, including EagleBank.
Sandler O'Neill + Partners, L.P. ("Sandler O'Neill") is the sole
manager for the subordinated notes offering.
The subordinated notes will be offered and sold pursuant to an
effective shelf registration statement (File No. 333-183054), the
base prospectus included in the registration statement, and a
preliminary prospectus supplement relating to the offering of the
subordinated notes filed with the Securities and Exchange
Commission (the "SEC"), and a final prospectus supplement to be
filed with the SEC contemporaneously with the pricing of the issue,
if any. Before you invest, you should read the base prospectus in
the registration statement, the prospectus supplement relating to
the offering and other documents the Company has filed with the SEC
for more complete information about the Company and the Offering.
You may obtain copies of the preliminary prospectus supplement and
accompanying base prospectus relating to the offering without
charge by visiting the SEC's website at www.sec.gov, or from
Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th
Floor, New York, New York 10020, Attn: Syndicate Operations
(1-866-805-4128).
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.
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 eighteen 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 (i)
the merger between EagleBank and Virginia Heritage Bank ("VHB") and
(ii) 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, judgments about the ability of Eagle to
successfully consummate the proposed merger and to integrate the
operations of the two companies, the expected growth opportunities
or cost savings resulting from the merger, which may not be fully
realized or take longer than expected to realize; the ability of
the two companies to avoid customer dislocation or runoff, and
employee attrition, during the period leading up to and following
the merger, the timing of and any conditions to required regulatory
approvals, and other conditions which by their nature, are not
susceptible to accurate forecast and are subject to significant
uncertainty. Factors that could cause results and outcomes to
differ materially include, among others, the ability to obtain
required regulatory and shareholder approvals; the ability to
complete the merger as expected and within the expected timeframe;
and the possibility that one or more of the conditions to the
completion of the merger may not be satisfied. 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.
CONTACT: EAGLE BANCORP, INC.
Michael T. Flynn
301.986.1800
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