EagleBank Rises to Meet COVID-19 Challenge
02 June 2020 - 8:00PM
EagleBank, one of the largest community banks in the Washington,
D.C., metropolitan area, announced today that it had successfully
provided financial relief to an unprecedented volume and range of
bank customers affected by the COVID-19 crisis who were seeking
federal funding packages.
In order to meet the urgent demand for
assistance from bank clients, EagleBank deployed over 70 bank team
members to support the 5 veteran members of the SBA Lending
Group. These additional staffers, together with the SBA team,
worked round the clock to enter and push through Paycheck
Protection Program (PPP) applications – further assisted by
numerous EagleBank colleagues who were reviewing and validating all
applications submitted. As of May 10, 2020, EagleBank had
approved over 1,330 applications totaling over $491 million in PPP
loans.
“In my long history with EagleBank, I have never
been prouder of the strength and commitment of our Banking staff,”
said Susan G. Riel, CEO and President of EagleBank.
“Recognizing the emergent situation faced by so many of our
clients, EagleBank pulled together as never before to provide the
professional assistance and hands-on guidance for which we have
always been known. We estimate that the PPP and loan relief
we were successful in providing helped save around 41,000 jobs in
the Washington tri-state area,” Ms. Riel added.
In addition to the substantial hours that were
devoted to secure PPP funding for clients, the Bank also harnessed
new technology that allowed it both to automate uploading of client
applications for PPP and to automate emails that kept customers
abreast of their application progress. One grateful client,
Michael Haft of Compass Coffee, had this to say:
“We truly appreciate your heroic efforts to get
our loan application through to the SBA. I know there were
many late nights and huge obstacles to overcome in making this
happen. Getting this loan allows Compass to begin rebuilding. Many
people say that they care about relationships but EagleBank truly
means it and backs it up with actions. What you guys did was heroic
and I’m not sure how we will ever be able to say thank you
enough.”
Borzou K. Biabani of The Biabani Group, Express
One Logistics and affiliated companies, was another appreciative
client, stating:
“I want to thank everyone at EagleBank for all
their efforts in assisting us in attaining the PPP funding...No
amount of words can ease the burden to all those that have worked
tirelessly at EagleBank in order to help clients like us attain the
SBA funds that is unprecedented both by scale and velocity. On
behalf of our hundreds of employees I would like to say a sincere
thank you to the staff at EagleBank from a loyal client for
life.”
EagleBank also worked to contribute to the
thousands of health care heroes and neighbors in need. Early
in the pandemic, EagleBank arranged to make $50,000 available to
George Mason University for emergency aid for students displaced by
the COVID-19 crisis. In addition, the EagleBank Foundation
provided 10 area organizations* – hospitals, food banks and first
responder aid philanthropies with an additional $100,000 to secure
PPE equipment, other needed medical equipment and food and
humanitarian aid during the crisis.
“Our mission at the EagleBank Foundation has
always been to extend and advance the health and wellbeing of our
communities,” said Don Rogers, Chairman of the EagleBank
Foundation. “At this time of terrible crisis, we were pleased to
provide critical funds for our neediest neighbors and for the
thousands of health care heroes and selfless first responders who
have been working 24/7 to save lives,” Mr. Rogers added.
*List of Organizations Receiving EagleBank Foundation Funds
Medstar Washington Hospital
CenterHoly Cross HospitalAdventist HealthCare Shady Grove Medical
CenterPrince George’s Hospital CenterInova Fairfax HospitalVirginia
Hospital CenterWorld Central KitchenCapital Area Food
BankShepherd’s TableFirst Responders Children’s Foundation
About Eagle Bancorp, Inc. and
EagleBankEagle Bancorp, Inc. is the holding company for
EagleBank, which commenced operations in 1998. EagleBank is
headquartered in Bethesda, Maryland, and conducts full service
commercial banking through 20 offices, located in Suburban,
Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses
on building relationships with businesses, professionals and
individuals in its marketplace.
EagleBank Contact
Vikki Kayne, SVP and Chief Marketing Officer301.986.1800
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