Eagle Bancorp, Inc. Announces Retirement of Ron Paul
22 March 2019 - 12:19AM
Eagle Bancorp, Inc. (the “Company”) (Nasdaq:EGBN), the parent
company of EagleBank (the “Bank”), announced today that on March
20, 2019, Ronald D. Paul, Chairman, President and Chief Executive
Officer of the Company, and Chairman and Chief Executive Officer of
the Bank, advised the Board of Directors of his retirement,
effective immediately, from all positions as an officer and
director of the Company, the Bank and their subsidiaries. Mr.
Paul indicated that his decision was the result of serious health
developments which would substantially interfere with his ability
to perform his duties and obligations to the Company and the Bank.
The Board of Directors of the Company has elected Vice Chair,
Norman R. Pozez, to succeed Mr. Paul as Chair of the Board of
Directors. Mr. Pozez, formerly Chair of Fidelity & Trust
Bank, has been a member of the Board of Directors of the Company
since 2008. The Board of Directors of the Company has appointed
Susan G. Riel, Executive Vice President of the Company and Senior
Executive Vice President and Chief Operating Officer of the Bank,
to succeed Mr. Paul as Interim President and Chief Executive
Officer of the Company. Ms. Riel has been a senior officer of
the Bank since its inception. The Board of Directors will review
alternatives for a permanent successor over the coming weeks.
Mr. Paul stated “I am very disappointed to have to make this
decision, but I do not believe it would be fair to the Company, its
employees, customers and shareholders when my health prevents me
from devoting my full attention to helping them develop and
prosper. Not to mention my obligations as a husband, father and
grandfather. Over the past 21 years, we at EagleBank have
together built a strong, profitable enterprise, committed to
providing a superior banking experience and enhancing the
communities in which it operates. I have every confidence that the
team we have built will carry on all of these traditions.”
Mr. Pozez stated “On behalf of all of the members of the
EagleBank family, I can say we are all personally saddened to hear
of Ron’s retirement, but we all wish him the very best as he moves
forward and in dealing with his health challenges. I share
his confidence in the organization he has shepherded for 21 years,
and believe we will continue on a successful path.”
***
About Eagle Bancorp: The
Company is the holding company for EagleBank, which commenced
operations in 1998. The Bank is headquartered in Bethesda,
Maryland, and operates through twenty branch offices, located in
Suburban 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 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. 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, 2018 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:Charles LevingstonChief
Financial Officer301.986.1800
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